BOI Filing deadlines
To file the BOI report for their legal entity, the following conditions can be followed.
- Until January 1, 2025, reporting companies who were created or registered before January 1, 2024 have one year to file their first reports.
- In order to file their initial reports, reporting companies that were created or registered in 2024 must file within 90 days of their creation or registration. The regulations initially stipulated that firms created in 2024 had 30 days to file. The regulation that was altered changed the rule to 90 days.
- Reporting companies that were created or registered after January 1, 2025 must file their initial reports within 30 days. Upon the submission of the initial report, both current and new reporting companies are required to submit updates within 30 days of a change in their beneficial ownership identification.
- Since companies must file updates within 30 days, there is no requirement for companies that existed before 2024 to file their initial report before the end of 2024. Early filing requires the company to file any changes made to the information throughout the year.
What is the consequence of failing to file a BOI report or filing it late?
- Violations can result in a civil penalty of up to $500 per day.
- Imprisonment of up to 2 years and/or a fine of up to $10,000 are possible outcomes of criminal penalties.
- If you reveal BOI without authorization, you could face a penalty of $500 per day, a maximum of $250,000, and up to five years in prison.
