Introduction
If you own or manage a U.S. business, you’ve likely heard about the new BOI (Beneficial Ownership Information) filing requirement under the Corporate Transparency Act (CTA). But the big question is: When is the BOI filing deadline?
Missing this deadline could result in steep penalties. This guide explains all the important BOI filing due dates and what you need to do to stay compliant with FinCEN regulations.
What Is BOI Filing?
BOI filing requires certain U.S. companies to report details about their beneficial owners—those who own or control at least 25% of the business—to the Financial Crimes Enforcement Network (FinCEN).
This includes personal information such as:
- Full legal name
- Date of birth
- Home address
- Government-issued ID details
When Is the BOI Filing Deadline?
The BOI filing deadline depends on when your business was formed:
Businesses Formed Before January 1, 2024
Deadline: January 1, 2025
These companies have one year to submit their initial BOI report.
Businesses Formed On or After January 1, 2024
Deadline: Within 90 days of receiving notice of formation from the state.
Businesses Formed On or After January 1, 2025
Deadline: Within 30 days of formation.
What If You Miss the BOI Deadline?
Failing to file your BOI report on time can lead to:
- Civil penalties of up to $500 per day
- Criminal fines and imprisonment in severe cases
It’s essential to meet your BOI filing deadline to avoid costly consequences.
Who Must File?
Generally, most U.S. corporations, LLCs, and similar entities must file unless they meet specific exemptions (like large operating companies or highly regulated entities). Check FinCEN’s exemption list or consult a compliance expert.
Conclusion
So, when is the BOI filing deadline? The answer depends on your business formation date, but January 1, 2025 is the key deadline for most existing businesses.
