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BOI Penalty for Business Owners Nearing $600

Audio version available here:

Length: approx. 1 min. 40 sec.


A warning for business owners! Beneficial Ownership Information penalties have gone back up to $591 every day your BOI report is not properly filed with FinCEN. We previously reported that the penalty had been dropped to $500 per day, but a recent update to the FinCEN website confirms that the penalty is $591.


Beneficial Ownership Information is now required of most businesses in the United States, from corporations to limited liability companies. Despite a recent court case declaring the Corporate Transparency Act—which established BOI reporting—to be unconstitutional, business owners must continue to submit a BOI report before the deadline to avoid severe penalties. Read more about the court case and its implications in our previous blog post.


The deadlines are as follows. Businesses registered with a secretary of state before January 1st, 2024 have until January 1st, 2025 to file their report with FinCEN. Businesses registered in 2024 have only 90 days, or approximately three months, to submit their report. So say a business owner received confirmation that their business has been registered in late March of 2024. That business owner would need to submit their BOI report very soon to avoid passing the deadline without their information filed. Failing to file a BOI report within these deadlines will incur a $591 penalty for each day it is not properly filed.


Because the regulations and penalties around BOI reporting are constantly being amended, it is vital to stay up to date with the XQ CPA blog, as we will rapidly report on any changes that could affect business owners like you. If you are unsure of what you need to submit your BOI report, or how to do so, the XQ CPA team is here to help you. Give us a call or book a consultation online today. We are here for you.


Phone: 832-295-3353


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Sources:


Want to pay less taxes? Read XQ CPA's official tax planning guidebook! How to Grow Your Wealth Through Tax Planning.

silhouettes of business owners in background with business reports on table with tablets foreground


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