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Beneficial Ownership Information Report Filing Made Simple

Corporate Continuity provides a simple, streamlined process
to register and file required Beneficial Ownership Information Reports for business
entities.

BOI Reports Due March 21, 2025

Failure to file by 3/21/25 could incur monetary penalties of $500/day up to $10,000 and potential prosecution.

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FinCEN Extends Beneficial Ownership Information Reporting Deadline by 30 Days; Announces Intention to Revise Reporting Rule

Februay 18, 2025

WASHINGTON, D.C. –– With the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are once again back in effect. However, because the Department of the Treasury (Treasury) recognizes that reporting companies may need additional time to comply with their BOI reporting obligations, FinCEN is generally extending the deadline 30 calendar days from February 19, 2025, for most companies.

Notably, in keeping with Treasury’s commitment to reducing regulatory burden on businesses, during this 30-day period FinCEN will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN also intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

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FAQs

What is a Beneficial Ownership Information (BOI)Report?

A BOI Report discloses the individuals who ultimately own or control a legal entity, providing transparency about who benefits from it.

Who is required to file a BOI Report?

Generally, corporations, limited liability companies (LLCs), and other similar entities are required to file, particularly those registered in jurisdictions with BOI regulations.

All business entities in the United States of America are required to file a BOI report by December 31, 2024

What information is included in a BOI Report?

The report typically includes the names, addresses, dates of birth, and identification numbers of the beneficial owners.

Who qualifies as a beneficial owner?

A beneficial owner is any individual who directly or indirectly owns a significant percentage of the entity (often 25% or more) or exercises substantial control over it.

When is the deadline to file a BOI Report

December 31, 2024 is the deadline to file a BOI Report

What is the penalty for not filing a BOI Report

Failure to file by 12/31/24 could incur monetary penalties
of $500/day up to $10,000 and potential prosecution.