For those of you who are somewhat new to owning a company (like me), it’s important to note that there’s an important new form to fill out. This form is a key part of the beneficial ownership reporting process for your company.
The deadlines work like this:
- Existing Entities (Pre-2024): Companies that were created or registered before January 1, 2024, must file their initial BOI reports by January 1, 2025.
- New Entities (2024): Companies formed or registered in 2024 must submit their BOI reports within 90 days of receiving notice of their creation or registration.
- Future Entities (Post-2024): Entities created on or after January 1, 2025, will have 30 days from receiving notice of their creation or registration to file their BOI reports .
Failure to do so carries a heavy penalty: a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.
Please read more about it here: https://www.fincen.gov/boi-faqs (it will take you to a government website).
Hopefully, this helps other people who do not know about this yet. Good luck!
Thank you for reading! If you enjoyed this article, please consider supporting me in the following ways:
- Like this story 👏 as often as you like, or Leave a comment 💬 to share your thoughts and feedback.
- Follow me on Medium to stay updated with my latest articles.
- Follow me on X for daily programming tips and more!
- Buy me a coffee ☕️.
- Visit My Digital Store for PostgreSQL Tips, Ebooks, Excel Templates and more!
Your support means the world to me. Thank you!
TheCodeCraft 
Leave a comment