Avoid a $500/day fine- file your llc’s or corporation’s Boi report on time.
🚨 LEGAL ALERT 🚨
As of December 26, 2024, the Fifth Circuit Court of Appeals has reinstated an injunction blocking the BOI Report requirement for U.S. businesses. This overturns the panel’s recent decision to lift the injunction.
This means BOI reporting deadlines and compliance requirements are not currently in effect. The government cannot enforce the reporting requirement while the case proceeds in court.
While small businesses don’t need to file reports right now, it’s essential to stay informed and ready to comply in case the situation changes…and if you don’t want to miss any important updates and be subject to fines/penalties, just get it filed and be done with it.
Is Your Business Sitting on a $500-a-Day Fine or Personal Imprisonment?
You built your LLC or corporation from the ground up, pouring your heart and soul into its success.
But – a hidden deadline lurks, threatening your business with a $500 a day fine and even imprisonment.
The culprit?
The Beneficial Ownership Information (BOI) Report.
This new filing requirement, mandated by FinCEN, demands transparency.
FinCEN stands for Financial Crimes Enforcement Network and is a US governmental agency that aims to promote national security by preventing financial crimes.
It wants to know who truly owns and controls US companies, shining a light on the shadows where financial crime often lurks.
This new mandates states that certain US-based LLCs and corporations must file a BOI report, but a few exceptions do apply.
Depending on when your company was formed, you also have a deadline to file this report.
And if you miss the deadline or file an inaccurate report, you could be subject to serious consequences like a $500 a day fine for every day the report is delinquent, imprisonment, and more.
➡️ Who needs to file this BOI report?
Certain US-based limited liability company (LLC or LLC taxes as an S-Corp) and corporations must file a BOI report, but a few exceptions do apply.
Basically, if you have an established and registered LLC/Corporation in the US, then you are required to file this report with FinCEN.
➡️ Who are Beneficial Owners?
These are individuals who:
Own 25% or more of the entity's shares (directly or indirectly).
Exercise substantial control over the entity, even without owning 25% of the shares.
➡️ When do you need to file the report?
Here are the filing deadlines:
👉 If you formed your LLC/Corp before January 1, 2024: you have until January 13, 2025 to submit the BOI report.
👉 If you formed your LLC/Corp between January 1, 2024 and December 24, 2024: you have 90 days after your LLC/Corp is formed to file the BOI report.
Note, based on all the legal back and forth, some dates have been extended as follows:
If you formed your LLC/Corp on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024, you’ll have until January 13, 2025 to file the initial BOI report.
If you formed your LLC/Corp on or after December 3, 2024 and on or before December 23, 2024 you have an additional 21 days from the original filing deadline to file the initial BOI report.
👉If you formed your LLC/Corp after January 1, 2025: you have 30 days after your LLC/Corp is formed to file the BOI report.
➡️ Common Q: Do I still need to file if I dissolved my LLC/Corp?
An LLC/Corp is not required to file a BOI Report if it ceased to exist before Jan. 1, 2024.
But, if your LLC/Corp existed as a legal entity for any period on or after Jan. 1, 2024, even if later dissolved, then you are required to file a BOI report (even if the LLC/Corp ceased to exist before its BOI report was due).
➡️ How do you file the report?
You do not need a CPA or lawyer to file the BOI report for you. In fact, you can do it on your own (but ONLY with the right guidance - it does have some complexities!).
Access the e-filing website here:
Don't get bogged down in government websites and confusing jargon.
Let’s be honest.
We know government websites and self-filing can be a complex and confusing process (especially for those unfamiliar with legal and financial regulations).
That is why we created a guide and step-by-step video training to show you exactly how to file the BOI report on your own along with other key information you need to know.
Let us hold your hand through the filing process to make it super easy and less time-consuming. ⚖️💪🏻
Our BOI Report Training is your stress-free path to compliance, guiding you step-by-step with video tutorials and expert insights.
The best part?
It’s only $49 USD!!!! Woot! Woot!
Get started with our BOI Report Training today and say goodbye to compliance stress!
👉 Psst….are you over the DIY stuff and want us to take care of it for you?
We get it.
You have enough on your plate - now offering BOI filing services for $350 USD.
Or, email us at: contact@legaldoer.com to get started.
Disclaimer: This is for informational purposes only and is not legal advice.
