Tax Tip #236

For companies that have not yet filed, beneficial ownership information (BOI) reporting is back in effect. The new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025. 

Reporting companies that were previously given a deadline later than the March 21, 2025 now must file their initial BOI report by that later deadline. (For example, if a company's reporting deadline is in April 2025 because it qualifies for certain disaster relief extensions, it should follow that deadline and not the March deadline.)

Those who meet the definition of a beneficial owner will be required to upload one of the following documents: US passport, driver’s license, state government identification document. Civil penalties of up to $591 per day can be imposed for noncompliance, while criminal penalties can mean up to two years imprisonment and fines of up to $10,000.

Exemptions to the filing requirements include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.

To file your BOI, reach out to a team member for assistance, or file online.