If you own a small business, it’s time to take action. After a brief pause, the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements are back in full effect. The new deadline? March 21, 2025—and non-compliance comes with steep penalties of $591 per day.
Why the Change?
A recent court ruling in favor of the DOJ and FinCEN means the CTA is fully enforceable again. The injunction that temporarily halted enforcement has been lifted, leaving no further delays or broad exemptions.
Who Needs to File?
Most small businesses are required to submit BOI reports unless they meet one of the few exemptions. If your company was created before January 1, 2024, you must file by the new deadline. If formed in 2024 or later, you have 90 days from registration to comply.
What’s at Stake?
Failing to file on time could result in hefty fines that add up quickly. With penalties of $591 per day, non-compliance isn’t an option.
How to Stay Compliant
- Determine if your business must file – Most small businesses do.
- Gather required information – Beneficial owners’ names, addresses, and identifying details.
- File through FinCEN’s online system – Don’t wait until the last minute.
Take Action Now
The deadline may seem far away, but smart business owners won’t wait.
We can help you navigate the BOI filing process and ensure full compliance. Contact us today to get started!
📩 Schedule a Consultation to protect your business before it’s too late.