If your company was formed prior to January 1, 2024 and is required to report, penalties could result if the initial BOI report is not filed by the January 1, 2025 due date. Currently, the penalty for late filing is $591 per day. We recommend you act now to determine if your business is subject to this requirement.
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, enforces BOI reporting and maintains a website for filing the report. In addition, the site provides many resources for explaining the requirements, such as the Small Entity Compliance Guide and Frequently Asked Questions. You are encouraged to access the website for more information and to file, which can be accessed here.
Many reporting companies are self-preparing their filings directly through the FinCEN website, while others are using third-party services, such as registered agents, attorneys, CPA firms, and others to complete their BOI filings for a fee. If you are a business owner or individual with substantial control in a reporting organization, you should decide which option works best for you. It is ultimately your responsibility to ensure your company’s BOI report is filed timely to avoid potential penalties.
If you have any questions about your company’s potential BOI reporting obligation or would like assistance with reporting, please feel free to contact our office or email us at info@santoracpagroup.com.
For access to the alert on this topic that we posted in November 2023, please click here.
