BOI Report: Year-End Compliance
Have You Filed Your BOI Report Under the Corporate Transparency Act?
As the end of the year rapidly approaches, it is crucial for businesses of all types and sizes to stay ahead of impending compliance deadlines. One of the most pressing requirements this year is filing your Beneficial Ownership Information (BOI) Report under the Corporate Transparency Act (CTA). This legal mandate affects most corporations, limited liability companies (LLCs), and other entities formed or registered to do business in the United States.
The CTA represents one of the most sweeping regulatory requirements in recent history, impacting approximately 32 million entities across the US. Non-compliance carries serious civil and criminal penalties, including daily fines of up to $500 per day and potential prison term of up to two years. Given the severe ramifications, timely filing of the BOI is not merely recommended but essential. As year-end deadlines approach for regulatory filings—such as those required by the Department of Financial Protection and Innovation (DFPI), Department of Real Estate (DRE), and NMLS—prioritizing your BOI submission is crucial to safeguarding your entity from avoidable penalties and legal risks.
What You Need to Know – Deadlines
- Entities formed before Dec. 31, 2023, must file BOI reports by Dec. 31, 2024.
- Entities created on or after Jan. 1, 2024, must file BOI reports within 90 days of creation.
- Beginning Jan. 1, 2025, all newly formed entities must file BOI reports within 30 days of creation.
Doss Law: Your Compliance Partner
At Doss Law, we provide comprehensive services to help your business remain compliant with the CTA. We leverage the CT Beneficial Ownership Platform Pro to streamline the reporting process by offering:
- Direct transmission of information to FinCEN
- Consolidated beneficial ownership information in one secure location
- Access to historical filings
- Real-Time notifications for amendments
Our legal team will handle every aspect of your BOI filing, from preparation to submission, so you can focus on running your business with peace of mind.
Take Action Before Time Runs Out!
This is not an optional filing.
This is not an optional filing. It is a mandatory legal requirement for almost every registered entity in the U.S. (unless exempt). Whether your business is large or small, you must take action immediately to meet the compliance deadline and avoid triggering penalties.
Ensure your business is fully compliant and protected from potential penalties. Contact Jackellyn Davis at 949-346-8510 or email Jackellyn@DossLaw.com to get started on your BOI report.
