What is a Beneficial Ownership Information Report (BOIR)?

Starting January 1, 2024, business owners in the U.S. must comply with new regulations established under the Corporate Transparency Act (CTA). This federal law mandates that businesses disclose their ownership details to the Financial Crimes Enforcement Network (FinCEN).

Failing to submit the BOIR by the required deadline may result in penalties of up to $500 per day for non-compliance.

When is the deadline?

The deadline to file your BOIR is January 1, 2025. To prevent penalties and ensure compliance, make sure your BOIR is submitted before this date.

Am I required to file, or am I exempt?

Certain types of entities are exempt from filing a BOIR, including:

• Publicly traded companies
• Non-profit organizations
• Businesses with more than 20 employees and over $5 million in gross receipts or sales reported to the IRS

If your business falls under one of these categories, you may not be required to submit a BOIR. However, it is advisable to review the official guidelines or seek professional advice to confirm your status.