What Is BOI Filing?
BOI (Beneficial Ownership Information) filing is a new reporting requirement under the Corporate Transparency Act (CTA), enforced by FinCEN (Financial Crimes Enforcement Network). It requires businesses to report their beneficial owners to the U.S. government to combat financial crimes.
When Is BOI Filing Due?
For Companies Formed Before January 1, 2024
You must file your initial BOI report by January 1, 2025.
For Companies Formed In 2024
You must file within 90 calendar days of receiving notice that your company is officially created or registered.
For Companies Formed On or After January 1, 2025
You must file within 30 calendar days of receiving your registration notice.
What If My Company Info Changes?
If there is a change in beneficial ownership (like a new owner or address), you must update your BOI filing within 30 days of the change.
Late Filing Penalties
Missing your BOI filing deadline can result in civil fines up to $500 per day and potential criminal penalties. Timely compliance is essential.
Conclusion
When is BOI filing due?
It depends on your formation date. For most existing companies, the deadline is January 1, 2025. If you formed your business in 2024 or later, your deadline is much sooner. Stay ahead and avoid penalties.
