Beneficial Ownership Information (BOI): What is it and what are the filing deadlines?
US TAX CISBOI – Report disclosing individuals who directly or indirectly control and benefit from a company
Starting January 1, 2024, most US and foreign companies established or registered in any of the 50 US states are required to submit their BOI report electronically via FinCEN (Financial Crimes Enforcement Network).
✦ Please note that there are 23 types of companies exempt from BOI reporting requirements. The full list can be found on the official FinCEN website here.
📌 Reporting Deadlines:
- Companies existing as of January 1, 2024, must file their report by January 1, 2025.
- Companies registered between January 1, 2024, and December 31, 2024, must file their report within 90 calendar days of registration.
- Companies established after January 1, 2025, must file their report within 30 calendar days of registration.
Failure to meet the BOI reporting deadlines may result in fines of up to $500 per day or criminal liability.
🗞 Latest News:
In early December 2024, the US District Court for the Eastern District of Texas issued a preliminary injunction prohibiting the Department of the Treasury from enforcing the Corporate Transparency Act (CTA). As a result, the January 1, 2025, reporting deadline is "frozen" until a higher court rules otherwise.
Since the BOI reporting requirements are temporarily suspended, the situation remains uncertain. To mitigate potential risks and avoid future penalties, we recommend filing the report by January 1, 2025.