The never-ending saga continues, but BOI is now being enforced (again). This week, a Federal judge sided with the Federal government and put BOI enforcement back into place. Many thought the Trump administration would halt this, but they did not.
Congress MAY step in, but the Senate has not signaled any voting on this. As your advisor, it is our obligation to inform you that you have to file the BOI reports. Please note - these are not part of tax returns and are governed by a separate agency (FINCEN).
The new deadline to file any previously initial, updated, or corrected BOI reports is March 21, 2025.
Reporting companies previously given a reporting deadline later than March 21, 2025, must file their BOI report by that deadline.
New businesses formed in 2025 have 30 days to file!
Who is the reporting company? Likely your business! You are a reporting company, 100% required to file these Fincen UNLESS:
The business has:
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- 20+ FULL TIME W2 US based employees;
- AND U.S. Office;
- AND $5M or more in revenue.
What are the fines for willful noncompliance? $500 per day for not complying willingly (meaning you know about this but ignore it).
What do you need to do? Identify all Beneficial Owners, file the initial reports and update the reports every 30 days if there are any changes to this.
If you need assistance filing these reports, sign up here.