The Beneficial Ownership Information (BOI) report, required under the Corporate Transparency Act (CTA), aims to combat financial crimes by creating a national registry of individuals who own or control at least 25 percent of a company. Most U.S. corporations, LLCs, and similar entities must submit this report to FinCEN, providing details on their beneficial owners. The information will be used by law enforcement and regulatory authorities to prevent activities like money laundering and fraud.
Entities formed before January 1, 2024, must file their BOI report by January 1, 2025, while those formed on or after January 1, 2024, have 30 days from formation to comply. Failing to meet these deadlines can result in fines of up to $500 per day, with potential criminal penalties of up to $10,000 or two years in prison for severe violations. Ensure your business is ready to meet these requirements to avoid costly penalties. Click the button below to prepare and submit your BOI report today.