Heard the BOI filing requirements were paused? Think again! The deadlines are back, and every eligible business needs to act fast. Whether this is news to you or you’ve been tracking it closely, we’ve got you covered with the essential updates to keep your business compliant.
The Legal Rollercoaster
Here’s a quick recap of the BOI drama: Earlier this year, a Texas court paused the Corporate Transparency Act (CTA), citing federal overreach concerns. But on December 23, 2024, the Fifth Circuit Court overturned that decision. Their reasoning? Transparency goals—like combating money laundering and fraud—outweigh the concerns.
What does this mean for your business? The BOI reporting rules are back in force, and missing deadlines could lead to hefty penalties. Let’s dive into what you need to know.
New Deadlines at a Glance
- Businesses created before January 1, 2024: File by January 13, 2025.
- Businesses formed between September 4 and December 23, 2024: Most have until January 13, 2025.
- Businesses formed from December 3–23, 2024: Get an extra 21 days beyond the original deadline.
- Disaster-affected companies: May have extensions—check if your business qualifies.
Who Needs to File?
If your business is a corporation, LLC, or similar entity registered in the U.S., you need to file—whether you’re actively operating or dormant. Exemptions include:
- Large companies with 20+ full-time employees and $5 million+ in revenue
- Publicly traded companies
- Banks, credit unions, nonprofits, and certain inactive entities.
What to File?
You’ll need details for every beneficial owner, including:
- Full legal name
- Date of birth
- Residential/business address
- ID number (driver’s license, passport, etc.).
Pro Tip: Use FinCEN’s portal to simplify the process. Gather this info ahead of time to make filing a breeze.
Why Compliance Matters
Failing to file can cost you—up to $500 per day in fines or worse, imprisonment for willful violations. Don’t risk it! Filing is straightforward, and early submission means less stress.
Act Now to Avoid Penalties
Deadlines are fast approaching, and compliance isn’t optional. Most businesses have until January 13, 2025, but some exceptions apply. Unsure where you stand? We’re here to help.
At Copeland Bookkeeping, we specialize in making compliance simple. We also save small businesses an average of $3,500–$7,000 annually through expert tax planning. Ready to file your BOI report or need help with taxes?
📅 Schedule a free consultation: calendly.com/copelandbookkeeping1
🌐 Visit: copelandbookkeeping.com
Stay ahead of the curve and give your business a strong start to 2025. Let’s make compliance stress-free together!