The Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA) is officially back in effect, with a new compliance deadline of March 21, 2025. This follows a recent court decision reversing a previous hold, meaning businesses once again need to comply.
While this requirement could face further legal challenges, the safest course of action is to go ahead and file now to avoid potential penalties. Non-compliance could lead to fines of up to $606 per day and even potential criminal charges, so it’s best to be proactive.
How to File Your BOI Report
Filing is relatively simple, and many business owners can handle it themselves using the Financial Crimes Enforcement Network (FinCEN) electronic filing system.
What you need:
- For the business: Legal name, trade names (if any), primary U.S. business address, jurisdiction of formation, and tax identification number.
- For each beneficial owner: Full legal name, date of birth, residential or business address, and an official ID number (such as a passport or driver’s license).
Who Needs to File?
Most small and mid-sized businesses registered as LLCs, corporations, or partnerships are required to file. There are exemptions, but most privately-owned businesses will need to comply. If you’re unsure whether your business qualifies, FinCEN’s website provides additional guidance.
Should You Wait?
While future legal rulings could change the requirement, waiting comes with risks. If the March 21 deadline stands, delaying could mean scrambling at the last minute or facing penalties. Filing now ensures you’re covered, no matter what happens next.
Need Help?
If you’d rather not deal with the hassle, we can take care of it for you. Our team stays up to date on regulatory changes and can handle your BOI filing accurately and securely. That said, if you’re comfortable filing on your own, the online system makes it easy.
For questions or assistance, feel free to reach out.