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James Walsh Explains what Beneficial Ownership Information (BOI) is and how important it is to file before the 12/31/24 deadline. If you own a business in the United States do not delay and file today with link below.

James has created a website to help you with filing your BOI
https://boifilings.com/

Click link below to watch the YouTube version of this episode.
https://youtu.be/r7gfkBV8tWk

Filing your Beneficial Ownership Information (BOI) before December 31, 2024, is essential due to compliance requirements set by the Corporate Transparency Act (CTA), which is enforced by the Financial Crimes Enforcement Network (FinCEN). Here’s why you need to file before this deadline:

1. New Reporting Requirements under the Corporate Transparency Act (CTA)

The CTA was enacted to increase transparency in corporate ownership and prevent illicit activities like money laundering, tax evasion, and fraud. The act requires most U.S. corporations, LLCs, and similar entities to report their beneficial owners to FinCEN. A beneficial owner is any individual who directly or indirectly exercises substantial control over the company or owns at least 25% of its ownership interests.

2. Deadlines for Filing

• Existing Entities (Formed before January 1, 2024): Must file their BOI report by December 31, 2024.
• New Entities (Formed on or after January 1, 2024): Must file within 30 days of formation or registration.

This means if your business was established before 2024, you need to submit your BOI report by the end of 2024. For newer entities, the filing must occur within a month of their establishment.

3. Avoiding Penalties

Failure to file your BOI on time can result in severe penalties, including:

• Fines: Up to $500 per day for non-compliance.
• Criminal Penalties: In some cases, failure to report can lead to criminal charges, with fines up to $10,000 and even imprisonment.

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Home Inspection Authority LLC

Former President of CREIA Mid Valley Chapter
Former Vice President of CREIA Mid Valley Chapter

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