Important Update: BOI FinCEN Reporting Deadline Extended to January 13, 2025

13 Jan Important Update: BOI FinCEN Reporting Deadline Extended to January 13, 2025

If your business is required to report Beneficial Ownership Information (BOI) under the Financial Crimes Enforcement Network (FinCEN) regulations, there’s good news—the reporting deadline has been extended to January 13, 2025. This additional time allows businesses to prepare and ensure compliance with this essential federal requirement.
But what does this extension mean for your business, and why is it crucial to act now? Let’s dive into the details.

What is BOI Reporting, and Why Does It Matter?

BOI reporting is part of FinCEN’s effort to combat money laundering, tax evasion, and other financial crimes. Businesses required to report must disclose information about individuals who own or control at least 25% of the company. This transparency helps regulatory authorities track illegal activities and promote a fairer business environment.

What Happens to Businesses That Don’t Report?

Noncompliance with BOI reporting can lead to severe consequences, including:

1. Financial Penalties
Businesses that fail to report or provide inaccurate information may face hefty fines. These penalties can quickly add up, creating unnecessary financial strain.
2. Criminal Charges
Intentionally failing to comply or submitting false information may result in criminal charges, which could include jail time and significant reputational damage.
3. Increased Regulatory Scrutiny
Noncompliance often flags a business for closer inspection, potentially leading to more audits and regulatory hurdles in the future.
4. Loss of Business Opportunities
Companies that cannot prove compliance may face challenges in securing loans, partnerships, or other business opportunities.

How Can we Help?

Navigating the complexities of BOI FinCEN reporting can be challenging, especially for small and mid-sized businesses. That’s where we come in.
Our team of experienced professionals will:

• Assess whether your business is subject to BOI reporting.
• Gather and organize the necessary information.
• File your report accurately and on time.
• Provide ongoing guidance to ensure future compliance.

Act Now—Don’t Wait Until the Last Minute!

While the new deadline of January 13, 2025, offers more time, it’s vital to act promptly. Waiting until the last minute can increase the risk of errors or delays in filing, leaving your business vulnerable to penalties.

Contact us today to schedule a consultation and learn how we can simplify the BOI reporting process for your business. Let us handle the compliance so you can focus on growing your business confidently.

Stay ahead of the curve—partner with experts who have your back!