(BOI) Reporting Service

Report BOI before the federal deadline of January 1, 2025 to avoid $591/day penalties

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Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) Reporting Service

BOI Reporting is a system of reporting, created to stop financial crimes like tax evasion, money laundering, and financing of terrorism. Under this system, organizations must reveal the names of the people who ultimately manage or own them. Regulatory agencies can follow the movement of assets and find any illegal activity when they concentrate on beneficial owners. The goal of this strategy is to seal off financial transparency holes that could be used for illegal activities.

What are the new deadlines for Beneficial Ownership Information Reporting?

The new deadlines for Beneficial Ownership Information Reporting vary depending on the specific rules of your jurisdiction. For instance, under the U.S. Corporate Transparency Act, companies must report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. New entities are generally required to submit their beneficial ownership information at the time they are formed, while existing entities need to comply by the specified deadline. It’s crucial for organizations to review the specific deadlines in their jurisdiction to ensure timely compliance and avoid potential penalties.

What Are the Specific Deadlines?

  1. Entities established prior to January 1, 2024, must submit their reports by January 1, 2025.
  2. Entities established between January 1, 2024, and January 1, 2025, have 90 days from creation or registration to submit their reports.
  3. Entities established after January 1, 2025, have 30 days from creation or registration to submit their reports.

Are there penalties for failing to comply with BOI Reporting requirements?

There are both civil penalties and criminal penalties for failing to comply with BOI requirements. Criminal penalties can have harsher repercussions, like going to jail, and civil penalties can involve sizable fines. Non-compliance can harm an organization’s standing and make it more difficult for it to operate. To avoid these consequences, it is crucial for firms to full comply in their reporting responsibilities and make sure they fulfill all deadlines.

Please contact us at BOI@Tiller.Law or send a text message to 843-464-7821 if you have any questions about BOI Reporting.


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