Remember That BOI is Required for All Businesses

Audio version available here (1 min. 35 sec.)

Reminder! Time is running out for businesses to fill out and submit their required Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). So far only 2.7 million of the 32.6 million businesses in the US have submitted their reports.

Not sure what BOI is? Under the Corporate Transparency Act, Beneficial Ownership Information reporting was created in 2021 to prevent and find businesses that perform “misconduct through business entities”. As a result, business owners must submit a BOI report, with “identifying information about the individuals who directly or indirectly own or control a company” to FinCEN.

The deadline for this report is January 1st of 2025 for businesses created before January 1st, 2024. If you registered your business in 2024, you only have 90 days from the registration date to file your BOI report on time.

If you fail to file a report correctly or on time, the penalty is $591 per day. This penalty is quite hefty and has actually increased since it was established. In addition, although significantly less than half of the businesses required to file BOI have submitted their report, the deadline will not be extended. With the massive penalties and no extension, be sure to complete the BOI report soon to not suffer the consequences.

If you need help with understanding and completing your BOI report, look no further than XQ CPA. Our experts are ready to help you with our BOI filing service. We will help you fill out your BOI report so you don’t have to worry about inaccurately completing it or failing to submit by the deadline. If you want to take advantage of our services, contact us by phone or by scheduling an appointment online on the XQ CPA website.

Phone: 832-295-3353

Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php

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Sources:

https://www.journalofaccountancy.com/news/2024/aug/boi-reporting-requirements.html