BOI Report Filing Deadline Approaching: December 31, 2024
File Now to Avoid Penalties
As you may be aware, in 2021 Congress passed the Corporate Transparency Act. One of the requirements of this legislation is that many businesses must prepare and file a Beneficial Ownership Interest Report (“BOI Report”) with the Financial Crimes Enforcement Network (FinCEN) of the Department of Treasury.
Who Needs to File a BOI Report?
For businesses created before January 1, 2024, the initial filing deadline is December 31, 2024. For a business created this year, the initial report must be filed within 90 days of creation. Beginning next year, all initial filings and filings to report changes in beneficial ownership must be filed within 30 days. Please note that reporting may even be required for businesses that were dissolved.
Next Steps
There are significant penalties and fines, including imprisonment, for failure to report. Therefore, if you have an interest in a business (non-publicly traded) and have not already done so, we recommend you speak to your CPA or corporate counsel to determine if you have any reporting requirements due to your ownership of a business interest.