BOI Filing for 2024: Key Deadlines

Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) Filing for 2024: Key Deadlines and How to File

As part of the Corporate Transparency Act (CTA), all companies must submit a Beneficial Ownership Information (BOI) report to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). This report identifies the individuals who ultimately own or control a company. The CTA aims to combat money laundering, tax evasion, and other illicit financial activities.

2024 BOI Filing Deadlines:

• Companies formed before January 1, 2024: Must file their BOI report by January 1, 2025.

• Companies formed after January 1, 2024: Must file within 90 days of formation.

• Companies formed on or after January 1, 2025: Must file within 30 days of formation.

Who Needs to File?

Most domestic and foreign companies, including limited liability companies (LLCs) and corporations, must file a BOI report. Exceptions may apply to larger companies with more than 20 employees, over $5 million in revenue, or a physical office in the U.S.

Information Required for Filing:

The BOI report must include details about:

• Beneficial owners: Individuals who own or control at least 25% of the company or have significant control.

• Company applicants: Individuals who filed the company’s formation documents.

How to File the BOI Report:

To file the BOI report, visit FinCEN's official website here once the filing portal opens.

The process involves:

• Creating an account with FinCEN.

• Providing owner and applicant information as required.

• Submitting the report electronically.

Penalties for failing to comply with (BOI) Civil Penalties:

• A $500 per day fine for each day the report is late.

Criminal Penalties:

• Willful failure to file a BOI report, or providing false or misleading information, can result in criminal charges.

• Penalties include fines up to $10,000 and potential imprisonment for up to 2 years.