Important: BOI Filing Requirement – Deadline & Compliance Details

We want to ensure you are aware of a new federal requirement under the  Corporate Transparency Act (CTA). Most businesses must file a  Beneficial Ownership Information (BOI) report  with the  Financial Crimes Enforcement Network (FinCEN)  to remain in compliance with federal regulations.

Failure to file could result in  substantial penalties, including  fines of $500 per day  for noncompliance and potential criminal charges for willful neglect.

Who Needs to File?

You are  likely required  to file a BOI report if:
✔  Your business is a  corporation, LLC, or similar entity  registered in the U.S.
✔  You filed  formation or registration documents  with the Secretary of State.
✔  Your business  is not exempt  (certain large companies and heavily regulated entities may be exempt).

If you are unsure about your obligation, we recommend reviewing the  BOI Reporting Guidelines on FinCEN’s Website  or consulting your legal or financial advisor.

Key Deadlines & Compliance Updates

  • March 21, 2025:  Businesses formed  before January 1, 2024, must file by this date.
  • Businesses in Georgia & Florida:  Some businesses impacted by Hurricane Helene/Milton  may qualify for an extension until April 23, 2025. Visit the  FinCEN website  to confirm eligibility.
  • Possible Deadline Extension:  Congress is considering moving the deadline to  January 1, 2026, but as of now, filings are still required by the above deadlines.

How to File Your BOI Report

  • You can file directly through FinCEN  for free  at  www.fincen.gov/boi.
  • The filing process is relatively simple and requires basic company details, such as:
    • Legal business name and address
    • Business identification number (EIN)
    • Names, addresses, and identifying details (e.g., driver’s license or passport) of individuals with significant ownership or control

Beware of Scams!

Several third-party services are charging $150+ to complete the BOI filing for businesses.  This is unnecessary—FinCEN allows you to file directly for free.

What Happens If You Don’t File?

Failure to comply with BOI reporting requirements could result in:

  • Civil penalties of up to $500 per day  for late or missing filings
  • Criminal penalties, including fines of up to $10,000 and potential imprisonment  for willful noncompliance

We are  not  handling BOI filings on behalf of clients, but we want to make sure you are informed and prepared. If you have any questions or need further clarification, please reach out to your legal or financial advisor as soon as possible.