UPDATE: on December 23, 2024 a US District Court granted a stay of the preliminary injunction from December 3, 2024. Companies are once again required to file their BOI reports with FinCEN.
FinCEN acknowledged that the initial deadline of January 1, 2025 might be too tight for some companies that were waiting to file, so they extended the deadline until January 13, 2025 for reporting companies that were created before January 1, 2024. Companies created on or after September 4, 2024 also have until the same January 13 deadline. Companies created after December 3, 2024 have an additional 21 days from their original filing deadline to file their initial BOI report.
The deadline for required business entities to file their initial beneficial ownership information (BOI) under the Corporate Transparency Act (CTA) is January 13, 2025. Business entities created between January 1, 2024, and January 1, 2025, have 90 days from the date of receiving the actual or public notice of their creation to submit their BOI to Financial Crimes Enforcement Network (FinCEN). Businesses established on or after January 1, 2025, will have just 30 days to do the same.
The new reporting requirements are part of the federal government’s effort to crack down on fraudulent and illicit behavior. To comply with the law, the majority of domestic and foreign entities operating in the U.S. are required to report beneficial ownership information with FinCEN. For a list of 23 entity types that are exempt from reporting, refer here to the Federal Register website.
A beneficial owner includes any individual with substantial control over a reporting company or those owning or controlling at least 25% of its ownership interests. If you are unsure how these reporting requirements apply to your Florida business, consult a business law attorney for assistance.
Where to Report BOI?
Required business entities, including most small and medium-sized businesses in Florida, must submit their initial beneficial ownership information using FinCen’s e-filing system. There is no cost to file the report.
Although businesses are not required to submit reporting information annually, there may be instances after the initial filing when you will need to submit information again. Examples include if a beneficial owner changes their address or legally changes their name. Operational changes may also trigger the need to resubmit BOI to FinCEN. The best way to ensure you are complying with the Corporate Transparency Act reporting requirements is to consult with an experienced business law attorney.
Contact our Team at Sirulnik Law for Help
The CTA requires businesses to disclose identifying information about their beneficial owners. If you’re a business owner or involved in forming a new company, it’s imperative to understand these reporting requirements to avoid fines and penalties.For help complying with BOI reporting requirements, consult our experienced business law attorneys at the Law Offices of Alex D. Sirulnik, P.A.
