With 32 million businesses expected to have to comply with new Beneficial Ownership Information (BOI) reporting requirements by FinCEN and the U.S. Treasury, it’s crucial to be well-informed. Here are 7 essential points to keep in mind as you navigate this requirement:
Existing companies have until January 1, 2025 for their initial report, while new companies formed within 2024 have 90 days. Companies formed after January 1, 2025 must comply within 30 days.
BOI reporting isn’t a one-time task. Entity changes must be reported within 30 days of the change.
Visit https://www.fincen.gov/boi to create a free online account to facilitate reporting.
Willful noncompliance can result in fines of up to $10,000 and two weeks imprisonment.
Fraudsters may attempt to exploit the BOI requirement for personal gain. Be vigilant and verify communications from state or federal agencies.
You are responsible for accurate reporting and filing for updates, not a third-party — penalties apply to business owners, not advisors.
Regularly check FinCEN’s website and FAQs for updated filing requirements and information. Although there is pending legislation which challenges BOI reporting, a legal decision before the January 1, 2025 deadline is unlikely.
As a trusted advisor, Alloy Silverstein provides essential updates on BOI reporting to help businesses stay compliant. While we currently don’t file BOI reports, we’re here to assist with any questions or concerns.
UPDATE: On December 3, 2024, a nationwide injunction halted enforcement for BOI reporting and on December 23, 2024 the reporting requirements were reinstated. FinCEN is granting extra time for businesses to comply with a new January 13, 2025 filing deadline. Click here for more details.
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