Remember that pesky little new filing required by FinCEN for businesses organized via a state registry (LLCs & Corporations) called the BOI (Beneficial Owner Information)?
It was originally set to require new businesses as of 1/1/24 to file within 30 days of organizing/changing owner information, and established businesses formed before 1/1/24 to file by 1/1/25.
The deadline for new businesses for filings has been extended from 30 days to 90 days for 2024. This provides valuable extra time for companies to:
Familiarize themselves with the BOI requirements: Grasping the nuances of the regulations, understanding who qualifies as a beneficial owner, and gathering the necessary information can be a complex process. The extension grants more time to do this right.
Seek professional guidance: Consulting with accountants, lawyers, or other qualified professionals can ensure accurate and complete BOI filings, avoiding potential penalties down the line.
Gather and verify information: Tracking down ownership details, especially for complex business structures, might take longer than anticipated. The extension allows for smoother information gathering and verification.
Keep in mind there are exceptions to this required filing, including: having more than 20 employees, having a physical office in the US, having more than $5M in gross revenues, among other things.
This is a welcome change as the penalties are incredibly stiff for non-compliance with filings, including $500/day civil penalties, and up to $10k criminal penalties and prison time.
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