Beneficial Ownership Information (BOI) Reporting

The deadline for most reporting companies to file Beneficial Ownership Information (BOI) reports (requirements can be found here) is quickly approaching.  

All reporting companies created or registered to do business in the U.S. before January 1, 2024, must file their initial BOI reports by December 31, 2024. Reports must be filed using the Financial Crimes Enforcement Network (FinCEN) BOI E-Filing System, and there is no fee for submission.  

Reports for companies created or registered to do business after January 1, 2024, were due, and continue to be due, 90 calendar days from the registration date. 

Reports for companies created or registered to do business after January 1, 2025, will be due 30 calendar days from registration. 

Civil penalties can include a fine of up to $591 per day for each day the report is late. Criminal penalties can result in a fine of up to $10,000 for willfully failing to file a report, willfully filing false information, or willfully failing to correct or update previously reported beneficial ownership information. 

Please get in touch with a WG advisor to discuss how this act may impact your business. Generally, WG does not include the completion of BOI reports within the scope of its engagements. Reporting companies have sole responsibility for their compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information. Consider consulting with legal counsel or enrolled agents if assistance in completing BOI reports is necessary.