Guidance Document - Updated October 26, 2024

BOI Reporting Deadlines: Key Dates for Compliance

The Corporate Transparency Act (CTA) mandates that companies comply with specific deadlines for submitting their Beneficial Ownership Information (BOI) reports. These deadlines depend on when the company was formed and are critical to avoid potential penalties. This article provides an overview of key reporting deadlines for companies formed before and after January 1, 2024, along with tips for staying compliant.

For information on the consequences of missing these deadlines, see our article on BOI Reporting Violations: Fines and Penalties.

Deadlines for Reporting Companies

The CTA sets different deadlines based on a company’s formation date. Reporting requirements are divided into two main categories:

Companies Formed Before January 1, 2024: Filing deadline: January 1, 2025.
Companies Formed On or After January 1, 2024: Filing deadline: within 90 days of formation.

Companies Formed Before January 1, 2024

Companies already in existence before January 1, 2024must file their BOI report by January 1, 2025. These businesses have one year to identify and report their beneficial ownership information to FinCEN.

Required Information: Full names, addresses, dates of birth, and identification numbers (EIN, SSN, or TIN) of each beneficial owner.
BOIR E-FILE System: Use our online E-File System for submitting BOI reports. For detailed steps, refer to our guide on The BOIR Filing Process: A Complete Guide for 2024.

Companies Formed On or After January 1, 2024

For companies created on or after January 1, 2024, the filing deadline is 90 days from the date of formation or registration. New companies should gather BOI information during the formation process to ensure timely compliance.

Proactive Gathering: Collect all necessary BOI details early to meet the 90-day deadline.
Beneficial Owner Definition: For an overview of who qualifies, see our article What is a Beneficial Owner? Understanding BOIR Filing and Requirements.

Ongoing Reporting Obligations

Any changes in a company’s beneficial ownershipmust be reported to FinCEN within 30 days of the change. These updates ensure that FinCEN’s records accurately reflect ownership structures.

Compliance Importance: Promptly update ownership records to avoid fines and remain compliant.
Continuous Monitoring: Ensure accurate and up-to-date information by establishing a compliance process for ongoing reporting obligations.

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Conclusion

Understanding and adhering to the BOI reporting deadlines is essential to avoid penalties and ensure compliance. Companies should mark these key dates and have processes in place to track changes in ownership. For a comprehensive overview of the consequences of non-compliance, review our article on BOI Reporting Violations: Fines and Penalties.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal, financial, or compliance advice. BOIRegistration makes every effort to ensure the accuracy of the information presented, but we do not guarantee its completeness or applicability to every situation. The Corporate Transparency Act (CTA) and FinCEN regulations are complex and subject to change.