BOI filing deadlines closing in

Businesses that haven’t filed initial beneficial ownership information (BOI) are quickly running out of time as January deadlines approach.

The new BOI rules are part of the Corporate Transparency Act, a bipartisan effort enacted in 2021 to curb illicit finances. The law requires more than 32 million U.S. businesses to report ownership information to the Financial Crimes Enforcement Network (FinCEN).

Under the law, beneficial owners are considered to be individuals who own or control at least 25% of a company or have substantial control over the company. Although some U.S. businesses may qualify for exemptions, most businesses that were formed by filing with a secretary of state or similar office will be subject to BOI filing requirements.

The deadline to file for most companies is January 2025, and more specifically:

• A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
• A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
• A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.

Filing is free, and BOI forms and extensive resources are available online at fincen.gov/boi.

FinCEN has reported receiving millions of BOI reports since opening the filing process January 1, 2024.

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