#BOI #BeneficialOwnershipInformation #FINCEN #CorporateTransparencyAct #CTA
Home | Blog | UPDATES: The New BOI Form Is Here!
The Corporate Transparency Act is here. The new law has gone into effect Jan 1, 2024.
All businesses registered with the secretary of state, are now required to file the Beneficial Ownership Information report with the Financial Crimes Enforcement Network also known as FINCEN. This includes HOA’s, Sole Proprietorships and other business entities formed.
Where to file the BOI form?
This form was launched on New Year’s Day and can be filed, https://boiefiling.fincen.gov//fileboir. Please note the option for a FINCEN ID is available upon request. This ID protects the information of the person who is filling out the form.
When should I file this form?
If you registered your business prior to January 1, 2024, you have until January 1, 2025 to complete and file the BOI form.
If your business was registered on or after January 1, 2024, you have 90 days to file the BOI report.
If you have any changes or updates to your business will need to be made within 30 days of the changes, including renewed driver’s licenses and passports.
What is the Penalty for failure to file the BOI form?
There is no extension to file this form.
Businesses without an accountant will be subject to $500 daily for failure to pay by the above deadlines.
Leave a Reply