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BOI Reporting Requirements Update
January 1
A critical new reporting requirement goes into effect on January 1, 2025. Businesses will be required to submit Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
Key Points to Know:
- Who needs to comply?
- Existing companies (before January 1, 2024): File your initial BOI report by January 1, 2025.
- New companies (January 1, 2024 – January 1, 2025): File within 90 calendar days of creation or registration.
- Companies formed on or after January 1, 2025: File within 30 calendar days.
- Why this matters: The BOI reporting requirement aims to combat financial crimes by increasing transparency around company ownership. Non-compliance could result in penalties.
- How to file: Reports must be submitted electronically through the FinCEN BOI E-Filing system.
To learn more about this update, please visit our blog: New Beneficial Owner Information (BOI) Reporting Requirements.