If you’re a business owner, you’ve probably heard about the Beneficial Ownership Information (BOI) Report. But do you know what it means for you? The clock is ticking, and businesses must comply with the new BOI filing requirements by March 1, 2025, or face potential penalties. At Edgewater CPA Group, we know that keeping up with IRS regulatory changes can be overwhelming, but staying ahead of compliance requirements is crucial to protecting your business. Here’s what you need to know about BOI filings and how to prepare before the deadline.
What Is the BOI Report?
The BOI Report is part of the Corporate Transparency Act (CTA) and requires businesses to disclose information about their beneficial owners—the individuals who ultimately own or control the company. The goal is to prevent financial crimes like money laundering and fraud by increasing transparency in business ownership.
Who Needs to File?
Most small businesses, LLCs, and corporations registered in the U.S. will need to file a BOI report unless they meet specific exemptions. If your business was created before January 1, 2024, you have until March 1, 2025, to file. If your business was formed in 2024, you must file within 90 days of registration.
What Information Is Required?
Each business must provide details about its beneficial owners, including:
- Full legal name
- Date of birth
- Current residential address
- A unique identification number (such as a passport or driver’s license number)
This information must be submitted to FinCEN (Financial Crimes Enforcement Network), and businesses are responsible for keeping it updated if any changes occur.
What Happens if You Don’t File?
Failing to comply with BOI reporting requirements can result in hefty fines—up to $500 per day—and even criminal penalties in severe cases. Staying ahead of the deadline is essential to avoid unnecessary risks.
How Can Edgewater CPA Group Help?
With the BOI filing deadline quickly approaching, now is the time to act. At Edgewater CPA Group, we specialize in compliance, bookkeeping, and financial reporting to help business owners stay ahead of regulatory requirements. Let us guide you through the BOI filing process so you can focus on running your business with confidence. Call us in Carmel, IN, today at (317) 386-7021 to schedule a consultation and ensure your business meets the BOI filing deadline!