Introduction
If you own a business entity in the U.S., especially an LLC or corporation, you’ve likely heard about the new BOI (Beneficial Ownership Information) filing requirement. Under the Corporate Transparency Act (CTA), filing your BOI report is mandatory. But the key question is: When is the BOI filing due?
Missing your filing deadline could result in steep penalties. Here’s everything you need to know to stay compliant.
What Is BOI Filing?
The BOI report is a federal requirement that mandates certain companies to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This filing aims to increase transparency and reduce financial crimes like money laundering.
BOI Filing Due Dates by Company Formation Date:
Businesses Formed Before January 1, 2024
Due Date: January 1, 2025
You have a full year to submit your BOI report.
Businesses Formed Between January 1 – December 31, 2024
Due Date: Within 90 calendar days of receiving official formation confirmation from your state.
Businesses Formed On or After January 1, 2025
Due Date: Within 30 calendar days of state formation confirmation.
Why Filing On Time Matters
Failing to file your BOI report by the due date can lead to:
- Civil fines up to $500 per day
- Criminal charges, including fines up to $10,000 or up to 2 years in prison
Are There Any Exemptions?
Yes. Certain entities—such as large operating companies, publicly traded companies, and some nonprofits—may be exempt from BOI reporting. However, most small LLCs and corporations must file.
Conclusion
So, when is the BOI filing due for your business?
- Existing companies: Due by January 1, 2025
- New companies in 2024: File within 90 days
- New companies in 2025 and beyond: File within 30 days
Don’t risk penalties—file on time. Need help filing your BOI report? Visit FormLLC.us to file accurately and hassle-free.
