Business Ownership Information (BOI) Filing
03/02/2025 – Legal Notice –
On March 2, 2025, the Treasury Department announced it will not enforce any penalties or fines associated with the Beneficial Ownership Information (BOI) reporting rule under the existing regulatory deadlines, and further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect. The Treasury also announced that it will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. [End 03/02/2025 Legal Notice]
In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them. Per the US Department of the Treasury website, effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Businesses who are required to file are responsible for doing so prior to the official deadline, which is determined by the date of business organization.
- For entities created before January 1, 2024:
- File the initial BOI report before January 1, 2025
- File updated or corrected BOI report within 30 days of a change taking place to your business or to any of the owners’ information
- For entities created on or after January 1, 2024
- File initial BOI report within 90 days of entity formation (this decreases to only 30 days in 2025 and beyond)
- File updated or corrected BOI report within 30 days of a change taking place to your business or to any of the owners’ information
Click the link below for a list of Frequently Asked Questions concerning the new Beneficial Ownership Information Filing requirements, including what it is, who is required to report, which businesses are exempt from filing, and many more.
File Direct with FinCEN
Filing directly with FinCEN is simple, secure, and free of charge.
Click the link below to file your Beneficial Ownership Information Report (BOIR) directly with FinCEN either online or via a PDF download and submission.
https://boiefiling.fincen.gov/fileboir
Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.
GTSB cannot file for you, nor can we offer guidance as to whether you are required to file.