Business BOI Reporting Penalty Increases!
Audio version available here:
Length: approx. 1 min. 30 sec.
The Financial Crimes Enforcement Network, also known as FinCEN, has increased its penalties in regard to beneficial ownership information filing. BOI filing is non-negotiable for most businesses, especially with LLCs now being included in the list of required entities in 2024.
Previously, the penalty for failing to file your business’s BOI report on-time, or correctly, was $500 per day. Under the Federal Civil Penalties Inflation Adjustment Act of 1990, the penalty has been adjusted for inflation and has gone up to $591 per day. There are other penalties relating to faulty recordkeeping that have also increased. They range from a few thousand dollars to almost $2 million.
With this in mind, it is vital to file your business’s BOI report as soon as possible. The deadline for businesses registered before 2024 is January 1st, 2025. However, if you start and register your business after January 1st of 2024, you only have 90 days to file your BOI report with FinCEN. Failing to do so will potentially have you subject to the $591 penalty for every day that it is not properly filed.
Since many businesses will be filing their BOI report for the first time this year, business owners like you may feel the need for guidance. At XQ CPA, we are proud to report that our certified experts are ready to help you through this process. For more information on how we can help you, give us a call or schedule a consultation at the link below. We would love to help you.
Phone: 832-295-3353
Online Booking: https://xqcpa-bookme.acuityscheduling.com/schedule.php
