BOI Filing Deadline Is Back!

02/20/2025

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After months of legal uncertainty, the Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) are officially back in effect. A recent court ruling lifted a previous injunction, clearing the way for enforcement to move forward. Most businesses must now submit their BOI reports by March 21, 2025.

Who Needs to File?

Most small businesses, including professional service providers and LLCs, must comply with the BOI filing requirement. If your business is registered with a state and isn’t one of the exempt entities, you likely need to file. (See page 4 of this document for a list of exempt entities.)

How to File

The Financial Crimes Enforcement Network (FinCEN) offers a secure online filing system for businesses that want to complete the process themselves, which is relatively easy for most businesses. You’ll need the following details:

• Business Information: Legal name, trade names (if any), primary U.S. address, state of registration, and tax identification number.
• Beneficial Owner Details: Full legal name, date of birth, current residential or business address, and a valid government-issued ID.

Filing can be done directly through FinCEN’s website: BOI E-Filing Portal. We also created instructions for how to file which you can read here. 

Warning: Watch Out for Scams

As with any regulatory filing, scammers are already taking advantage of the confusion surrounding BOI reporting. Some illegitimate third-party vendors are offering filing services at cut-rate prices, only to collect sensitive business and personal information. Be cautious of unsolicited emails or companies that make aggressive claims about guaranteed approval or quick filing.

Penalties for Non-Compliance

Businesses that fail to submit their BOI reports on time face daily fines of $606 and potential criminal charges for willful non-compliance. The consequences are serious, so it’s best not to delay.

What Should You Do?

While this requirement may still face legal challenges, the safest course of action is to file before the deadline to avoid penalties. If you’re confident handling it yourself, use FinCEN’s official filing system to ensure accuracy and security. Our firm is not rendering these services, but we can refer you to a reputable resource for assistance. Let us know if you need help.