If you have been following the Beneficial Ownership Information (BOI) reporting requirements, you may know many changes have occurred.
A recent ruling by the Fifth Circuit Court upheld the requirement for business owners to file the BOI report, but this left many people wondering about the new deadlines and who is required to file.
What are the new deadlines?
The deadline for most companies to file BOI reports was extended to Jan. 13, 2025, after the most recent court ruling reinstating the Dec. 3 court ruling that the DOJ appealed.
However, your deadline due dates depend on where you live or when you created your business. It is important to note (as listed below) that if your area is affected by a natural disaster, you have additional time.
Company’s registration date or other qualifications | Deadline |
Created before Jan. 1, 2024 | Jan. 13, 2025 |
Created on or after Sept. 4, 2024 | Jan. 13, 2025 |
Created on or after Dec. 3, 2024 and on or before Dec. 23, 2024 | Have an additional 21 days from the original filing deadline from the original filing deadline. |
Created on or after Jan. 1, 2025 | Have 30 days to file initial BOI reports |
Reporting companies that qualify for disaster relief such as:
| Will receive an additional 6 months |
What companies are exempt from filing the BOI reports?
Along with the reporting requirements, it is important to know that some companies are exempt. Those companies include banks, credit unions, accounting firms, investment companies, tax-exempt entities, and insurance companies. To find out if your company is exempt, you can check here.
What companies are exempt from filing the BOI reports?
If you fail to report, you will face civil penalties of up to $500 each day that you don’t file the report. However, the amount is adjusted each year for inflation. You may also face criminal penalties of up to two years imprisonment and a fine of up to $10,000.
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