Description
Effective January 1, 2024, millions of companies registered to do business in the United States must submit a report to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This report provides information about the individual(s) who ultimately owns or controls the business.
BOI reporting only needs to be submitted once unless a business needs to update or correct information.
Reporting Deadlines:
January 1st, 2025: Existing companies created or registered to do business in the U.S. before 1/1/2024, have one (1) year to file their BOI Report.
90 Calendar Days: New companies created or registered on or after 1/1/2024
30 Calendar Days: Any companies created on or after 1/1/2025
Who Has to Report?
Your company may need to report information about its beneficial owners if it is:
- A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
What Happens If I Do NOT Meet the Deadline for Reporting?
Failure to report complete or updated beneficial ownership information to FinCEN, or attempt to provide false or fraudulent beneficial ownership information may result in civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000.
Senior officers of an entity that fail to file a required BOI report may be held accountable for that failure.