With only 3 months until the January 1, 2025 BOI report deadline, businesses must submit their Beneficial Ownership Information (BOI) to FinCEN or face significant penalties. For CPAs, lawyers, and BOI filing professionals, the time to act is now. This guide will help you navigate the BOI reporting process and provide essential tools to ensure compliance, helping your clients avoid hefty fines and legal repercussions.
Why You Can’t Afford to Miss the BOI Report Deadline
The Corporate Transparency Act (CTA) requires that most businesses formed before January 1, 2024, submit a BOI report to FinCEN by January 1, 2025.
Businesses formed after January 1, 2024, must file within 90 days of their formation. Missing this critical deadline could result in severe penalties for your clients, including fines and potential imprisonment. Make sure your clients who formed businesses this year are fully aware of their upcoming reporting deadlines to avoid these serious consequences!
Non-Compliance Penalties Include:
- Civil fines of $591 per day for every day the violation continues.
- Criminal penalties, including fines up to $10,000 and imprisonment for up to two years.
These penalties underscore the urgency of meeting the BOI reporting deadline. Late filings not only incur financial risk but also legal complications, which could affect your clients’ ability to operate their businesses effectively.
⏳Act Now: Secure Your Free Demo Today to see how our BOI reporting software can help you avoid these penalties and ensure your clients meet their compliance obligations.
What You Need to File BOI Reports on Time
Filing BOI reports can be a complex process, especially if you’re managing multiple clients. However, with proper planning and the right tools, you can ensure your clients meet the deadline.
🎯 Key Steps for Filing BOI Reports:
- Identify Beneficial Owners: Work with your clients to identify individuals who own or control 25% or more of the business, or those who have significant control over operations. Beneficial owners are those who have direct or indirect control of the entity. This might include:
- Executive officers.
- Key shareholders.
- Board members who exert influence on company decisions.
- Collect Required Information: For each beneficial owner, you must gather the following key details:
- Full name: As it appears on official government identification.
- Date of birth: The exact date to ensure accurate record keeping.
- Residential address: This must be the primary residence of the beneficial owner.
- Unique identifying number: This can be a passport number, driver’s license number, or another form of government-issued ID.
- Additionally, any company formed after January 1, 2024, must also provide information regarding the company applicant—the individual responsible for submitting the formation documents.
- Prepare for Ongoing Reporting: Changes in beneficial ownership or company structure can happen frequently. If a beneficial owner’s information changes—such as ownership or control—your clients must file an updated BOI report within 30 days of the change. Ensuring ongoing reporting compliance is critical to avoid penalties in the long term.
📌 Utilize Available Tools: To avoid common filing mistakes and ensure your clients submit complete and accurate BOI reports, download our Free BOI Filing E-book, which provides detailed guidance on every step of the process.
Simplify BOI Filing with FincenFetch: Solutions & Pricing
With the BOI report deadline fast approaching, there’s no time to waste. Whether you’re managing a few clients or hundreds, FincenFetch offers a solution for every need. Our tailored software helps you:
- Automate BOI filings.
- Track compliance deadlines.
- Ensure error-free submissions.
Start filing today with fast, reliable, and affordable plans that include everything you need to stay compliant with FinCEN. All plans come with full access to features and FinCEN filing confirmation.
🔎 Explore Pricing Plans & Get Started Now
Our experts are ready to help you select the right plan for your business. Don’t wait—secure your compliance before the deadline hits.
FAQs About BOI Reporting
Here are some frequently asked questions to help clarify any confusion surrounding BOI reporting and ensure compliance with FinCEN’s requirements:
What happens if my client misses the BOI filing deadline?
- Missing the deadline could result in civil fines of $591 per day and criminal penalties, including imprisonment of up to two years. It’s crucial to file on time to avoid these penalties.
How do I determine who qualifies as a “beneficial owner”?
- A beneficial owner is defined as anyone who owns or controls at least 25% of the company, or someone who exercises significant control over its operations. This could include executive officers or major shareholders.
Can my client amend a BOI report after it’s filed?
- Yes, BOI reports can be amended if the information provided changes (e.g., a change in ownership or control). Any updates must be submitted within 30 days of the change.
Are there exemptions to BOI reporting?
- Yes, certain entities are exempt from BOI reporting under the Corporate Transparency Act. Get answers fast by using our Exemption Checker Tool to quickly determine whether your client qualifies for an exemption.
How long does it take to file a BOI report?
- The time required depends on the complexity of the business. However, using our software can help streamline the process and ensure fast, accurate filing.
Act Now Before the BOI Report Deadline
The January 1, 2025 BOI report deadline is fast approaching, and time is running out. As a trusted advisor, your clients are counting on you to help them accurately file their BOI reports. Failure to act now could result in costly penalties, both financially and legally. By offering this service, you ensure your clients stay compliant and strengthen their trust in your expertise, helping you stand out from competitors.
Take action before it’s too late—get your FinCEN filing strategy in place today!
📌Download our BOI Filing E-books today, explore our Pricing Plans, and secure compliance with the right solution for your business.
Book a Free Demo today and discover how our solutions can help you meet FinCEN’s requirements with ease.
