FINCEN (Financial Crimes Enforcement Network) recently announced on February,19th, 2025 that the mandate requirements for (CTA) Corporate Transparency Act, (BOI) Beneficial Ownership Information has been put back into effect, with the new deadline of Mar. 21st, 2025 for applicable small businesses.
The most recent update occurred on Thursday February 27th, 2025 of which FINCEN announced, there will be no issuance of penalties, fines and any other enforcement acts brought against small businesses that fail to submit or update BOI filing based on CTA current deadlines.
Background of the Corporate Transparency Act
In 2021, Congress passed the Corporate Transparency Act (CTA) on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. Learn more about CTA.
AS OF TODAY
- New BOI Filing deadline of Mar. 21st, 2025 for applicable small businesses.
- You (small business owner) are required to file a BOI.
- No penalties, fines and any other enforcement acts brought against small businesses that fail to submit or update BOI based on CTA current deadlines.
FILING (BOI) Beneficial Ownership Information
The online filing process is FREE and takes 5 min or less to complete and submit. The filing process is straight forward in which your basic personal and business information including ownership is required. You will need acceptable ID, and your Employer Identification Number (EIN#) to submit your filing. (small businesses) can not use or provide a P.O. Box address as it’s current address. You must report a physical street address.
There are some companies that are charging fees from $149 to $349 to complete and submit the BOI filing on your behalf, consider filing it yourself FREE or seek “free” assistance. Please note that filing for BOI is available absolutely FREE on FINCEN BOI website.
There are many small business owners who are not aware of BOI requirements, process and current status. If you know of anyone who is a small business owner, please share this important information with them. They can visit FINCEN FAQ to learn about requirements, exemptions and more.
Get caught up on what previously occurred with BOI. Read our previous FINCEN BOI blog post – Click Here
Until Next Time,
Trina H|GET AROUND TOWN
