Beneficial Ownership Interest (BOI) Reporting

Starting January 1, 2024, most small business entities will need to file a BOI Report with FinCEN. So if you own an LLC, S Corp or C Corp, you most likely need to file an initial BOI Report before January 1, 2025. If you start a new business on or after January 1, 2024, you will have only 90 days to report to Financial Crimes Enforcement Network; and if you start a business on or after January 1, 2025,you have only 30 days to report. Further, any changes to any of the information included in the report must be reported within 30 days (IE. Change of Address, New Driver License, etc.). The potential penalties for not filing or being late can be extreme.

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