The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Deadlines for Filing BOI Report
If your business existed as of January 1, 2024, you must file your Beneficial Ownership Information report by January 1, 2025.
If you created your business in 2024, you have 90 days from the date of filing with your state’s Secretary of State to submit your BOI report.
Entities Required to File BOI Report
All limited liability companies (LLCs) and corporations must file. For example, if you own multiple LLCs, each requires a separate BOI report.
Penalties for Non-compliance of BOI Report
Failure to file on time can result in significant penalties, including fines of $591 per day, a potential $10,000 criminal penalty, and up to two years in prison.
Recent Updates from FinCEN
Companies that ceased to exist before January 1, 2024, are not required to file a Beneficial Ownership Information report if they completed the dissolution process before that date.
Companies created or still existing on or after January 1, 2024, must file a BOI report, even if they ceased operations before their filing deadline.
Special Considerations for Disregarded Entities
Disregarded entities, for U.S. tax purposes, must also file a BOI report using a valid taxpayer identification number (TIN), such as an EIN, SSN, or ITIN.
How We Can Help
Sterling Tax and Accounting is here to help your business with tax planning! Our comprehensive approach to tax planning helps reduce your overall tax liability and keep more money in your pocket. If all your accountant does is file your taxes, chances are they are making you pay more than your fair share of taxes.
Learn how to proactively save on taxes by scheduling a call with our tax planning specialists.
Our tax planning, accounting & business services help you stay on track. Sterling Tax & Accounting will work with you to optimize your business and minimize your taxes. We will work to provide you and your business with the tools and resources you need to build a solid tax and business foundation. We’re a trusted CPA Firm in Sarasota, Florida. We serve clients all over the US, and proactively work to minimize their taxes.
Welcome to the Sterling Standard of business! Want to learn more? Schedule a meeting with our tax planning team here: https://www.srqtax.com/contact-us/
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