Many small businesses are required to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act by January 1, 2025.
Non-compliance can lead to fines up to $500/day and criminal penalties, including imprisonment.
For companies formed before January 1, 2024, the BOI filing deadline is January 1, 2025. Newly created companies must file within 90 days of registration. Reporting companies generally have $5M or less in gross receipts or employ fewer than 20 full-time employees.
This law aims to increase transparency and combat financial crimes like money laundering and tax evasion.
Filing your BOI report might seem overwhelming, but it can be completed in a few straightforward steps. Visit FinCEN’s secure system at www.fincen.gov/boi to create an account and begin the process.
If you’re unsure whether you need to file or how to get started, contact us today.
Kelly Swartz is both a board-certified intellectual property attorney and a tax lawyer. She practices in the areas of intellectual property, including patents, trademarks, copyrights and trade secrets. If you are seeking guidance on how to properly file your BOI report, please contact Kelly at kelly@uslegalteam.com for additional assistance.
