Businesses subject to the Corporate Transparency Act (CTA) must now report Beneficial Ownership Information (BOI) to FinCEN by March 21, 2025—an extension from the previous deadline.
Key Updates
- January 7, 2025: A court ruling paused BOI reporting requirements.
- February 18, 2025: The stay was lifted, reinstating the requirements.
- FinCEN extended the compliance deadline to March 21, 2025 to allow businesses additional time.
Who Needs to File?
Most corporations, LLCs, and registered entities must file unless exempt. A beneficial owner is anyone who:
- Exercises substantial control over the business, OR
- Owns at least 25% of its equity.
Penalties for Non-Compliance
- Civil fines: Up to $500 per day for failure to file.
- Criminal penalties, including potential imprisonment for willful violations.
How to Stay Compliant
- Confirm if your business qualifies as a reporting company.
- Gather ownership details (legal names, addresses, ID documents).
- File your BOI report through FinCEN before the deadline.
- Seek professional guidance if needed.
Need Help?
For assistance, contact Rincker Law, PLLC at (217) 531-2179 or email cari@rinckerlaw.com.
Act now to ensure compliance and avoid penalties!