File before your federal deadline so you can avoid a penalty of $500/day.

As of January 1, 2024, the bipartisan Corporate Transparency Act requires many companies doing business in the United States to report information about the individuals who ultimately own or control them. The law was passed to curb illicit finance and protect U.S. national security. Filing is simple, secure, and free of charge.

Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

• New entities (created/registered in 2024) — must file within 90 days.
• New entities (created/registered after 12/31/2024) — must file within 30 days.
• Existing entities (created/registered before 1/1/24) — must file by 1/1/25.
• Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports — must file within 30 days.

Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information.

Learn More: www.fincen.gov/boi.

FAQ Direct Link: https://www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf

Risk of Non-Compliance

Penalties for willfully not complying with the BOI reporting requirement can result in criminal and civil penalties of $500 per day and up to $10,000 with up to two years of jail time.