We want to inform you about an important update regarding the Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA).
Following recent legal developments, the BOI reporting requirement is back in effect, and businesses that fall under its scope must comply to avoid potential penalties. However, FinCEN has extended the initial, updated, and/or corrected BOI filing deadline to March 21, 2025, for entities that would have otherwise been due at the beginning of the year.
Who Needs to File?
The BOI report applies to most small businesses, including LLCs, corporations, and other entities registered with a state, unless specifically exempt.
How to File:
BOI reports must be submitted electronically through the Financial Crimes Enforcement Network (FinCEN) filing system. You can access the official FinCEN portal and filing resources here:
🔗 Submit Your BOI Report
Ongoing Update Requirements:
If there are changes to your company’s beneficial ownership or key details, an updated BOI report must be filed within 30 days of the change. This includes:
- Registering a new DBA.
- A new CEO, a sale changing 25%+ ownership, or a beneficial owner’s passing (report after estate settlement).
- Changes to a beneficial owner’s name, address, or ID number (new ID image required).
- A minor turning 18, requires updated information.
No updates are needed for company dissolution.
Avoid Penalties:
Non-compliance could result in civil and criminal penalties, including fines of up to $500 per day for ongoing violations.
Next Steps & Assistance
We encourage all applicable businesses to complete their filings before the deadline to ensure compliance.
As always, please feel free to contact us if you have any questions.