Business Ownership Information (BOI) filing requirement due by January 1, 2025

Hello Thumbtack family!

I wanted to take a moment to inform/remind you about an important filing requirement that may impact your business. It is the Business Ownership Information (BOI) Reporting.

The Corporate Transparency Act (CTA) was enacted in 2021 to combat money laundering, terrorism financing, tax fraud, and other illegal activities. It aims to prevent individuals from hiding or benefiting from the ownership of U.S. entities.

Under the CTA, many small business owners are now required to submit a BOI filing to the Financial Crimes Enforcement Network (FinCEN). This filing provides information about the individuals who own or control your company and is aimed at increasing transparency and preventing illicit financial activities.

This became effective on January 1, 2024.

Who Is Required to File?

Most corporations, LLCs, and similar entities formed or registered in the United States must comply. There are some exceptions, but if you operate a small business, you likely fall within the scope of this requirement.

What Information Is Needed?

You will need to report details about:

· The company (name, address, formation date, and EIN).

· Beneficial owner(s) (full name, address, date of birth, and identifying documents).

Deadlines

For new entities formed after January 1, 2024: The BOI filing is due within 30 days of formation or registration.

For existing entities: The deadline to file is January 1, 2025.

Failure to comply can result in significant penalties of up to $591 per day for non-compliance, with potential criminal penalties including fines up to $10,000 and/or imprisonment for up to two years, so it’s important to act promptly!

How to File

Filings are submitted electronically through FinCEN’s secure system at boiefiling.fincen.gov.

If you’re unsure about your filing requirements or need further clarification, don’t hesitate to reach out.  We are happy to help. It’s always better to address these obligations proactively.

Laura Walsh

AR2i Business Solutions

laura.walsh@ar2i.life

Comments

  • DustiO
    DustiO Administrator, Moderator Posts: 1,886

    You are the BEST — thank you for sharing this!