(BOI) Beneficial Ownership Information Services

The Deadline is NOW 3/21/25 😮

Beneficial Ownership Information (BOI) reporting is the process of disclosing identifying information about the individuals who own or control a company.

👉🏾Purpose
The Corporate Transparency Act (CTA) of 2021 requires BOI reporting to increase business ownership transparency and help law enforcement fight illegal activities like money laundering and wire fraud.

👉🏾Who Must Report
Most U.S. businesses and foreign businesses that are registered to do business in the U.S. must file a BOI report.

👉🏾When To Report
The deadline for filing depends on when the company was created or registered:
Created or registered before January 1, 2024: The initial report is due March 21, 2025.

Created or registered in 2024: The report is due within 90 days.

Created or registered after January 1, 2025: The report is due within 30 days.

👉🏾Penalties for non-compliance
Civil penalties for failing to file start at $591 per day after the due date. Willful non-compliance can result in a maximum civil penalty of $10,000 and up to two years in prison.