When is the BOI Reporting Deadline?
The deadline for filing the Beneficial Ownership Information Report (BOIR) is December 31st, 2024. This deadline applies to businesses that were registered before January 1st, 2024. Any entity formed or registered before this date must submit their BOIR by the start of 2025 to comply with new regulations under the Corporate Transparency Act (CTA).
Who Must File by the January 1st, 2025 Deadline?
The BOIR filing requirement is mandatory for:
• Corporations (Both S & C Corps)
• Limited Liability Companies (LLCs)
• Other similar entities created or registered in the United States before January 1st, 2024.
These businesses must report detailed information about their beneficial owners—individuals who either:
1. Own 25% or more of the company, or
2. Exercise substantial control over the entity.
Entities registered on or after January 1st, 2024, have a different reporting timeline, as they must file their BOIR within 30 days of registration. However, all entities registered before 2024 must meet the January 1st, 2025 deadline.
Failure to file the report on time could result in significant fines and penalties, so businesses should ensure they meet this requirement well before the deadline.
Have you filed your BOIR?
Ensure your business stays compliant with Corporate Transparency Act (2024) FincCEN regulations.