February 2025: Small business owners, mark your calendars--March 21, 2025 is BOI Report Day!

 

For those of you lucky enough to not know what a BOI Report is, I envy you. For the rest of us, we can take solace that the legal ping pong that’s been playing out in courts across the country for several months seems to be nearing an end.

 

Here’s the bottom line: most small businesses that operate in the US now have until March 21, 2015 to file a Beneficial Ownership Information (or BOI) Report with the federal government. A BOI Report collects 3 main categories of information about a company and its owners:

 

• Corporate information about the company itself, including its registered address, any DBAs it uses, its federal tax ID number (EIN), and when and where it was incorporated.

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• Personal information about each of the company’s beneficial owners, including their names, personal addresses, dates of birth, and a copy of his/her driver’s license or passport.

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• And for some companies, information about any person or company, like a lawyer or accountant, who helped the company incorporate, called a company applicant.

 

Companies that don’t file a timely BOI Report could face civil fines of up to $500 per day, plus additional criminal penalties like jail time and even more fines. So if you haven’t done so already, file your BOI Report ASAP.

 

There is no filing fee to file a BOI Report.

 

Click here for more information, including how to file a BOI Report online.

 

And, as always, don’t hesitate to contact us with any questions about these BOI Reports or any other issues you encounter.

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