BOIR Deadline: Don’t Miss The Filing Due Date

The BOIR deadline is fast approaching! If your company was registered in 2023, make sure to mark January 1, 2025, on your calendar. By this date, you must submit your Beneficial Ownership Information (BOI) report to comply with the Corporate Transparency Act (CTA).

Under the CTA, each reporting company must disclose specific ownership information to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Missing this deadline can lead to serious penalties. Here’s everything you need to know about the BOI report deadline and how to stay compliant.

BOI Reporting Deadline

Deadline for Reporting Companies (Registered Prior 1st January 2024)

If your company was registered before January 1, 2024, you must file your BOI report by January 1, 2025. This applies to most U.S.-based LLCs, corporations, partnerships, and foreign entities registered to operate in the U.S.

Deadline for Reporting Companies (Registered Post 1st January 2024)

If your company was registered between January 1, 2024, and January 1, 2025, you have 90 days from your registration date to file your BOI report.

Deadline for Reporting Companies (Register after 1st January 2025)

For businesses registered after January 1, 2025, the BOI report must be filed within 30 days of your company’s formation or registration.

What happens if you miss the due date

Missing the BOI report due date can lead to costly penalties. Civil penalties include fines of $591 per day, which can quickly add up. In more severe cases, criminal penalties may be applied, leading to fines of up to $10,000 or even 2 years in prison for willfully failing to file or submitting false information.

If you’re planning to use FinCEN to file your BOI report, make sure to review these common FinCEN error codes for quick fixes that can help streamline your filing process.

Learn: How to file BOI Report with ComplyCTA.

How to meet the deadline with ComplyCTA

To avoid these penalties, staying on top of your BOI filing is key. Here’s how you can make sure you’re meeting the deadline:

• Set Reminders: Use your calendar to remind you when deadlines are coming up so you don’t forget.
• Use ComplyCTA: Our platform makes the filing process quick and easy. You can file your BOI report in just a few minutes, ensuring everything’s done on time and correctly.
• Keep Your Information Updated: Don’t wait for the last minute—regularly check your ownership details, and if there are changes, update your BOI report as needed.

By following these steps, you can stay compliant and avoid penalties.