New federal reporting requirement
A new federal law went into effect that may impact your business with most deadlines to file by January 1, 2025.
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Fast facts
Your business may need to file a Beneficial Ownership Information (BOI) Report to stay compliant. This report informs the government of who owns your business and helps them prevent financial crimes. Missing the filing deadline could result in criminal and civil penalties.
Compliance
Filing with the Financial Crimes Enforcement Network helps maintain compliance with the Corporate Transparency Act.
What is BOI?
The report calls for info about your business, business owner, and applicant, as well as copies of official IDs for those individuals.
When do I file?
It’s generally filed once by the deadline and again for any ownership changes.
Deadline
Business created before Jan 1, 2024 Jan 1, 2025
Business created during 2024 90 days later
Business created on or after Jan 1, 2025 30 days later