What is a Beneficial Ownership Information Report (BOIR)
As of January 1st, 2024, owners of U.S. businesses are required to comply with new rules set out by “The Corporate Transparency Act (CTA)”. The CTA is a federal law that requires business entities to report details about their ownership to the Financial Crimes Enforcement Network (FinCEN). Failure to file your BOIR before the deadline will result in penalties of up to $500 per day.
When is the deadline?
The deadline for filing your BOIR is January 1st, 2025. To avoid penalties, make sure to file your BOIR before this date to avoid penalties.
Am I exempt from filing?
Certain entities are exempt from filing the BOIR. These include:
- Publicly traded companies
- Non-profit organizations
- Entities that employ more than 20 people and have reported more than $5 million in gross receipts and sales to the IRS