Business Ownership Information (BOI) Filing Deadline: What You Need to Know

If you own a business, the clock is ticking on filing your Business Ownership Information (BOI) report with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Missing this could lead to significant penalties, so let’s break down what you need to do and when.

Important Deadlines for BOI Reporting:

• Existing businesses as of January 1, 2024: BOI reports are due by January 1, 2025.
• New businesses created in 2024: You have 90 days from the day you registered with your state’s Secretary of State to file your BOI report.

Who Must File a BOI Report?

Any business structured as a limited liability company (LLC) or corporation must submit a BOI report. If you own multiple LLCs, each one will need its own report filed with FinCEN.

Why is BOI Reporting Important?

Failing to file your BOI report on time can result in severe penalties, including:

• Daily fines of $591,
• A potential $10,000 criminal penalty,
• And possibly up to two years in prison.

Recent FinCEN Updates on BOI Reporting:

• Dissolved businesses before January 1, 2024: If you completed the dissolution process before this date, you are not required to file a BOI report.
• Businesses created or operating on/after January 1, 2024: You must file, even if your company ceased operations before the filing deadline.

BOI Filing for Disregarded Entities:

Even if your business is classified as a disregarded entity for U.S. tax purposes, you are required to submit a BOI report using a valid Taxpayer Identification Number (TIN), such as an Employer Identification Number (EIN), Social Security Number (SSN), or Individual Taxpayer Identification Number (ITIN).

Here are some additional resources that you may find helpful:

BOI FAQs
BOI Reporting