Filing Your BOI Report: What You Need to Know Before the January 13, 2025 Deadline
By: Anthony Brister, JD, Tax LLM, Brister Law Firm
The Corporate Transparency Act (CTA) has introduced a critical requirement for many businesses: filing a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). The injunction on this reporting requirement has been lifted, and the deadline to comply is January 13, 2025. With this coming up quick, business owners must act now to ensure compliance and avoid potential penalties.
Let’s examine the BOI report, who must file it, and why it matters for you.
What is the BOI Report?
The BOI report is designed to combat illicit financial activities, such as money laundering and tax evasion, by increasing transparency around who owns and controls certain businesses in the United States. It requires companies to disclose specific information about their beneficial owners to FinCEN.
A beneficial owner is any individual who:
Directly or indirectly owns 25% or more of the company, or
Exercises substantial control over the company.
The information required includes:
Full legal name
Date of birth
Residential address
A unique identifying number from a government-issued ID
Who Must File the BOI Report?
The requirement applies to "reporting companies", which generally include corporations, LLCs, and other entities formed or registered to do business in the U.S. Some exceptions exist for large entities or businesses already heavily regulated and subject to federal oversight.
However, filing the BOI report is mandatory for most small and medium-sized businesses.
What Happens if You Don’t File?
Failing to file the BOI report by the January 1, 2025, deadline can result in significant consequences, including:
Civil penalties: Up to $500 per day per person and entity for non-compliance
Criminal penalties: Fines of up to $10,000 and potential imprisonment for willful violations
These penalties underscore the importance of meeting the deadline and ensuring your report is accurate and complete. If you have multiple entities, the penalties can start adding up quick.
How to File Your BOI Report
The process may seem straightforward, but navigating the requirements can be challenging. Here’s how to get started:
Determine if you must file: Review your company’s structure to confirm whether it qualifies as a reporting company.
Gather necessary information: Ensure you have accurate and complete details for all beneficial owners. You do not want to lie, or put any incorrect information.
Submit your report to FinCEN: File the report online through FinCEN’s secure portal.
Why You Shouldn’t Delay
The BOI reporting requirement is new, and many business owners are still unfamiliar with the process. Waiting until the last minute increases the risk of errors, delays, or non-compliance.
Need Help Filing Your BOI Report?
Navigating new regulatory requirements like the BOI report can feel overwhelming. At The
Brister Law Firm, we specialize in helping business owners like you understand and meet compliance obligations efficiently and accurately.
Don’t wait until the deadline is breathing down your neck—reach out today! Schedule a consultation with The Brister Law Firm to get your BOI filed correctly and on time.
Let us help you protect your business, stay compliant, and focus on what you do best—growing your company.
Contact us now at www.bristertaxlaw.com to schedule your consultation. Your peace of mind is just a click away.
If you liked this article, check out this video on LLCs below!
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