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December 4, 2024
The NEW Corporate Transparency Act & BOI Report Filing
BOI Reports are due by January 1, 2025
The Corporate Transparency Act (signed into law on January 1, 2021) expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US. Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) in an effort to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity.
Who Needs to File
Both domestic and foreign reporting companies are required to file reports. A company is considered a reporting company if a document was filed with the secretary of state (SOS) or similar office to create or register the entity. Corporations (including S corporations), LLCs, and other entities formed through the SOS are subject to the reporting requirements.
Who’s Exempt from Filing
There are several types of entities that are exempt from filing Beneficial Ownership Information (BOI) reports, including sole proprietors (not registered with the state), tax-exempt entities, and large operating companies (over $5 million in gross receipts). Other exempt entities include law enforcement, governments, regulated financial companies, accounting firms, insurance/investment companies, and public utilities.
When to File
For existing reporting companies created or registered before 2024, the initial report is due by January 1, 2025. For reporting companies created or registered in 2024, the initial report is due 90 days after the entity’s creation or registration. For reporting companies created or registered after 2024, the initial report is due 30 days after the entity’s creation or registration.
Where to File
You can file the BOI report online at: https://boiefiling.fincen.gov/
It takes about 30 minutes. Be sure to have a PDF copy of the business owner(s) driver’s license available for upload. The FinCen does not charge a filing fee for submitting the form online.
Need Help?
If you’d prefer, we can file the report on your behalf. The cost for us to file is $35.