What is BOI Reporting?
Most businesses operating in the US are now required to file a BOI Report.
- This report helps combat financial crimes by increasing transparency around who owns or controls businesses.
- Most for-profit entities registered to do business in the U.S. are required to file, although there are some exceptions.
Understanding the complexities of BOI reporting can be challenging. This is where BOI Filing Experts can help.
BOI Eligibility:
Who needs to report.
The truth is most companies who conduct business in the US will be required to file, but here are a few important exceptions:
- Publicly traded companies
- Certain financial institutions
- Some inactive businesses
- And other exceptions as well
To check your eligibility, give our quiz a try!
BOI Penalties.
They're not worth it.
Failing to comply with BOI reporting requirements can result in significant consequences.
- Civil Penalties of up to $500 per day. This amount can quickly escalate for prolonged non-filing.
- Willful neglect to file or providing false information can lead to criminal charges, including fines of up to $10,000 and imprisonment for up to two years.
Don’t worry! We’re here to support you.
Know your filing date.
Set a reminder.
Your filing due date depends on when your business was established.
- If your company was created before 2024, your BOI Report is due before January 1, 2025.
- Otherwise, you must report BOI within 90 calendar days after your company’s registration or creation date.
- Starting January 1, 2025, you will only have 30 calendar days to submit your BOI.
- After you file, if you have any change in Beneficial Ownership, you have 30 calendar days to update your filing.
