12/27/2024
🚨 Important Reminder: BOI Reporting Deadline 🚨
If you formed or registered a corporation, Limited Liability Companies(LLC) in 2024, don't forget that you have 90 days from the date of notification to submit your Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN).
Existing businesses formed before 2024 must submit their Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
Why is this important? Failing to file your BOI report on time can lead to significant penalties:
Civil Penalties: Up to $591 for each day the violation continues.
Criminal Penalties: Up to two years of imprisonment and a fine of up to $10,000.
Ensure compliance and avoid these penalties by submitting your BOI report promptly. For more information, visit the FinCEN website (https://fincen.gov/boi) or consult with your tax advisor.
Businesses required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) include both domestic and foreign reporting companies. The Corporate Transparency Act (CTA) defines these entities and sets forth specific criteria and exemptions.
Reporting Companies Required to file:
Domestic Reporting Companies:
Corporations, limited liability companies (LLCs), and other entities formed by filing a document with a secretary of state or any similar office under the law of a state or Native American tribe are considered domestic reporting companies .
Foreign Reporting Companies:
Non-U.S. entities registered to do business in the United States or with any Native American tribe are classified as foreign reporting companies .
Stay compliant and keep your business running smoothly!
