BOI Filing Requirements: What Business Owners Need to Know

BOI Filing Requirements: What Business Owners Need to Know

🚨 BOI Alert! New Filing Requirements & Deadlines 🚨

If you own a small business, LLC, or corporation, there’s a new compliance requirement you can’t ignore! As of February 18, 2024, most businesses must file a Beneficial Ownership Information (BOI) Report with FinCEN—and missing the deadline could cost you! 😬

Who Needs to File a BOI Report?

✅ 99% of LLCs & Corporations must file, including most small businesses.

✅ If your business was formed before January 1, 2024, your deadline is March 21, 2025. (updated last: February 19, 2025)

✅ If you registered your business on or after January 1, 2024, you have 90 days from formation to file.

✅ New businesses formed after January 1, 2025, will have 30 days to file. (technically this is in affect starting February 19, 2025 when the final legislation was decided)

Why Does BOI Reporting Matter?

This requirement is part of the Corporate Transparency Act (CTA) to prevent financial crimes. The BOI report identifies the individuals who own or control a business. Failure to comply can result in fines of up to $592 per day! 🚨(Pending currently, updates to come as received!)

What Information Do You Need to File?

📌 Business details – Name, address, and EIN.

📌 Owner information – Full name, DOB, address, and ID (driver’s license or passport) for anyone with 25% ownership or substantial control over the business.

📌 Where to file – Reports must be submitted to FinCEN (Financial Crimes Enforcement Network).

📌 No annual filing required – Only file again if your ownership or business details change.

Penalties for Non-Compliance

❌ Failing to file can result in fines of $592 per day up to $10,000 and even criminal charges in severe cases. (Pending currently, updates to come as received!)

How to File Your BOI Report

1️⃣ Gather your business & owner information.

2️⃣ Visit FinCEN’s online portal to submit your BOI report here: BOIR Filing

3️⃣ Keep a copy of your submission for your records.

Final Thoughts

This new BOI requirement affects millions of small business owners—and the penalties are serious. Make sure you file on time to avoid hefty fines. Need help navigating this new rule? KB2 Bookkeeping & Tax is here to assist you! Contact us today for guidance.