December 29, 2024
ShareURGENT CLIENT ALERT! Are You Required to File a BOI Report by January 13th? Many Companies Risk Severe Penalties
Many U.S. companies remain unaware of their obligation to file a Beneficial Ownership Information (BOI) report with FinCEN under the Corporate Transparency Act of 2021. While pending litigation has extended the initial January 1, 2025 deadline to January 13, 2025, immediate action is required to avoid substantial penalties.
The filing requirements apply to:
- All U.S. companies created or registered before January 1, 2024
- Companies registered in 2024 must file within 90 days of registration
- Companies formed in 2025 must file within 30 days of formation
Non-compliance carries serious consequences:
- Daily fines of $591
- Potential criminal penalties including up to 2 years imprisonment and a $10,000 fine
While certain entities are exempt, all companies should verify their filing obligations immediately through FinCEN’s website. Given the complexity of the filing process, do not wait until the extended deadline.
For guidance on BOI compliance, contact your attorney or visit FinCEN’s Beneficial Ownership Information Reporting section at FinCEN.gov.