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BOI Reporting Due Date 2024 - An Overview

Updated on April 10, 2024 - 10:30am by, TaxBandits

Small businesses need to keep in mind that the due date for the Beneficial Ownership Information (BOI) Reporting is a critical deadline that must be met to comply with financial regulations. This requirement mandates companies to disclose ownership information, essential for transparency and regulatory compliance. If a business fails to meet the BOI Reporting Due Date, it can have severe implications, especially for those who aim to maintain the integrity of their business. Here is the information about the due date for BOI Report Filing and the late filing penalties if missed.

Table of Contents:

  1. When is the deadline for BOI reporting ?
  2. What are the BOI late filing penalties ?
  3. How should I proceed if previously reported BOI information has any changes ?
  4. How should you proceed if I discover an inaccuracy in a BOI report ?
  5. How to file BOI with TaxBandits ?

1. When is the deadline for BOI reporting?

The deadline for submitting the BOI report is determined by your company's establishment date.

  • Companies created or registered before January 1, 2024, must submit their BOI reports by January 1, 2025.
  • Companies founded or registered on or after January 1, 2024, must submit the BOI report within 90 calendar days of registration.
  • Companies founded or registered on January 1, 2025, must submit the BOI report within 30 calendar days of registration.
  • Companies must file updated or corrected BOI reports within 30 days of any modifications or updates to their company information or beneficial owners.

Please visit https://www.taxbandits.com/fincen-boi/boi-due-date-calculator/ to use our BOI Calculator and learn about the initial BOI due date.


2. What are the BOI late filing penalties?

As outlined in the Corporate Transparency Act, a person who violates BOI reporting requirements may be subject to civil penalties of up to $500 per day of violation. That person may also be imprisoned for up to two years and a fine of up to $10,000. Possible offenses include:

  • Willful failure to file a Beneficial Ownership Information(BOI) report.
  • Willful filing of false Beneficial Ownership Information.
  • Willful failure to correct or update previously reported Beneficial Ownership Information.

3. How should you proceed if previously reported BOI information has any changes?

Suppose there are any changes to the required information about your company or its beneficial owners in your Beneficial Ownership Information (BOI) report. In that case, your company must file an updated report within 30 days after the change date. However, an updated report is not necessary if there are any changes to the previously reported information about a company applicant.


4. How should you proceed if I discover an inaccuracy in a BOI report?

If a Beneficial Ownership Information report is inaccurate, your company must correct it no later than 30 days after the date it became aware of the inaccuracy or had reason to know of it. This includes any inaccuracy in the required information provided about your company, including its beneficial owners or its company applicants.


5. How to File BOI with TaxBandits?

TaxBandits offers various time-saving features like instant BOI filing status updates, free corrections, and much more to simplify your BOI filing process. You can file your BOI Report in minutes with FinCEN in just a few simple steps:

  • Step 1: Sign In to your TaxBandits Account.

  • Step 2: Select the BOI Reporting type.

  • Step 3: Add the Reporting Company details.

  • Step 4: Add the Company applicant details.

  • Step 5: Add the Beneficial Owner details

  • Step 6: Review and Submit your BOI Report.

File your BOI report with FinCEN through TaxBandits before the deadline. Get Started Today!

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