FinCEN Update - In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability for failing to do so while the order remains in force. However, reporting companies may still choose to voluntarily submit their BOI reports.
More information is available on FinCEN’s website at https://www.fincen.gov/boi. Also, check out our recent blog.
FinCEN BOIR Filing Deadlines: Key Dates for Reporting
Written by Stephanie Glanville
Stephanie Glanville is the Marketing Manager of TaxBandits. She has several years of experience with IRS tax forms and the funtionality of TaxBandits. With a passion to help business owners better understand their IRS tax forms and filing, she aims to create content that is valuable and informative.
Table of Contents:
1. When is the deadline for BOI reporting?
The Beneficial Ownership Information (BOI) reporting deadline for each reporting company varies based on its registration or formation date. Check out the following table, to see when the BOI reporting is due for your business.
Deadlines to File an Initial BOI Report with FinCEN
FinCEN Update - In light of a December 23, 2024, federal Court of Appeals decision, reporting companies are once again required to file BOI Report with FinCEN. Reporting companies with BOI reports initially due on January 1, 2025, now have an extended deadline of January 13, 2025
| Company is Formed or Registered in the US | Actual BOIR Deadline | Revised BOIR Deadline |
|---|---|---|
| Before January 1, 2024 | January 1, 2025 | January 13, 2025 |
| January 1, 2024, - September 3, 2024 | 90 calendar days from formation/registration | Unchanged |
| September 4, 2024 - September 24, 2024 | 90 calendar days from formation/registration | January 13, 2025 |
| September 25, 2024, - December 2, 2024 | 90 calendar days from formation/registration | Unchanged |
| December 3, 2024 - December 23, 2024 | 90 calendar days from formation/registration | Additional 21 days from the actual deadline |
| December 24, 2024 - December 31, 2024 | 90 calendar days from formation/registration | Unchanged |
| On or After January 1, 2025 | 30 calendar days from formation/registration | Unchanged |
Note: Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.
* For newly registered companies, the deadline is based on the registration or creation date.
2. Is there a deadline to update/correct BOIR filings?
After the initial BOIR filing, FinCEN requires reporting companies to submit updates or corrections under these conditions:
- Corrections are required whenever incorrect information is identified on a previously submitted report.
- Updates are required whenever any changes occur in the reporting company or beneficial owners' information.
Deadline to File a Corrected BOI Report
Submit a corrected BOI report within 30 days of discovering an inaccuracy.
Deadline to File an Updated BOI Report
If there is any change in the reporting company’s details or beneficial owners’ information reported on the initial report, you must file an updated report within 30 calendar days from the date when the change occurred.
Correcting and updating BOI reports with TaxBandits is simple! Learn More.
3. What happens if you don’t file the BOIR by the deadline?
As outlined in the Corporate Transparency Act (CTA), FinCEN imposes a penalty of $591/day for late filing of BOI reports.
A person who violates BOI reporting requirements may be subject to civil and criminal penalties, as well as a specified period of imprisonment. Click here for detailed information about the different BOIR penalties that are imposed by FinCEN.
File your BOI report on time with TaxBandits and avoid BOIR penalties. File Now
4. Tips for meeting your BOI reporting deadline
TaxBandits offers an easy BOI reporting solution that blends intuitive features and a user-friendly BOIR filing process.
file your BOI Report and ensure your business’s FinCEN compliance in a few simple steps! Learn How.
With our BOIR reporting software , you have 7 days from FinCEN acceptance to file corrections and updates, ensuring your reports are accurate. Choose the Annual Filing option, and you’ll get free corrections and updates for an entire year!
TaxBandits is here to help you meet the BOIR deadline with ease. See How
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How to File BOI Report
