FinCEN BOI Filing Deadline

The Financial Crimes Enforcement Network (FINCEN) Beneficial Ownership Information (BOI) filing deadline is fast approaching. If your business is subject to this requirement, understanding the process and staying compliant is crucial. At Horizon Payroll Solutions, we’re here to ensure you have the information you need to meet the deadline and avoid penalties.

What Is the FINCEN BOI Filing?

The BOI filing is part of the Corporate Transparency Act (CTA), enacted to combat illicit activities like money laundering and tax evasion. It requires specific entities to disclose beneficial ownership information to FINCEN, a bureau of the U.S. Department of the Treasury.

A “beneficial owner” is any individual who directly or indirectly owns or controls at least 25% of a company or exercises substantial control over it.

Who Needs to File?

Most corporations, LLCs, and other entities registered to do business in the U.S. must file a BOI report unless they meet an exemption. Exemptions typically include large, publicly traded companies, certain tax-exempt organizations, and regulated entities like banks.

Small and medium-sized businesses are likely to be affected, so it’s essential to verify if your company falls within the filing requirements.

Key Deadlines to Remember

• Initial Filing Deadline: For entities created or registered before January 1, 2024, the filing deadline is January 1, 2025.
• New Entities: Those created or registered on or after January 1, 2024, must file within 30 days of formation or registration.

Missing the deadline could result in fines or other legal consequences, so timely action is critical.

How to File

1. Prepare Your Information: Gather the required details about your company’s beneficial owners, including:

   • Full legal name
   • Date of birth
   • Residential address
   • An identifying number (e.g., from a driver’s license or passport)

2. Submit Your BOI Report: Filing is done electronically via FINCEN’s online portal. Ensure all information is accurate and complete before submission.

3. Stay Updated: Regulations can evolve. Keep an eye on FINCEN announcements to ensure compliance with any changes.

Why It Matters

The BOI filing isn’t just another bureaucratic requirement—it’s a pivotal step in increasing corporate transparency and reducing financial crimes. Non-compliance can lead to penalties, including fines of up to $500 per day and even criminal charges in severe cases.

How Horizon Payroll Solutions Can Help

Navigating compliance requirements like the BOI filing can be overwhelming. Horizon Payroll Solutions provides tools and resources to help your business stay compliant with evolving regulations. Our team of experts can guide you through the filing process and ensure your business meets its obligations.

Act Now to Avoid Penalties

Don’t let the FINCEN BOI filing deadline sneak up on you. Start preparing now to ensure a smooth and stress-free filing process. For more information or assistance, contact Horizon Payroll Solutions today.

Let us help you protect your business, stay compliant, and focus on what matters most—growing your company.