With the end of the year and the busy Q4 season upon us, it’s crucial to remember the new government reporting deadline on December 31, 2024. If your business was operating at the start of 2024, you’re required to file this report before year’s end. This blog will help you understand the filing process, avoid penalties, and keep your business on the right track for reporting.
What’s the New Report?
As a reminder, the Corporate Transparency Act (CTA), also known as Beneficial Ownership Information (BOI) reporting, mandates that most businesses disclose their ownership information. This means identifying the individuals who directly or indirectly control or own your company. For businesses established prior to 2024, the deadline is December 31, 2024. If your business began this year, the report was due within 90 days of formation—so if you haven’t yet filed, now’s the time to get it done.
The filing process is straightforward, but non-compliance is costly. Penalties start at $500 per day and can escalate to criminal charges, including up to two years of imprisonment or fines as high as $10,000. With business margins often tight, these penalties are worth avoiding by taking a few minutes to file.
How to File
To file, head directly to the official FinCEN BOI website. You may see ads offering paid services to file for you, but it’s a simple, manageable process that most business owners can handle on their own, saving time and money.
Here’s how to get started:
- Go to the BOI filing website and log in or create an account.
- Complete the required details about your business’s beneficial ownership.
- Carefully review your entries for accuracy.
- Submit the report and wait for your confirmation.
To make this process even simpler, we’ve put together a step-by-step BOI Guide that walks you through each stage, ensuring you complete your filing accurately and without hassle.
After You Submit
Once you’ve filed, you’ll see a status bar tracking your submission. In most cases, confirmation arrives quickly, both on-screen and by email. You’ll also have the option to download a transcript of your submission, which we recommend saving for your records—take a screenshot as an extra measure.
Completing the form should take around 15 minutes. If your ownership structure is straightforward, most business owners can complete this without professional assistance. However, if your company has a more complex structure, consider consulting a tax professional to ensure accuracy.
This filing requirement may seem like one more item on your to-do list, but taking care of it now will help you avoid penalties and keep your business running smoothly. Using our BOI Reporting Guide, you can have your report filed and done in no time.
Schedule a free consultation with our team today to learn how we can support your exit planning journey. Contact us to get started!
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