BOI Compliance
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Obligations, Deadlines, and Penalties
Starting January 1, 2024, U.S. law requires most businesses to file the BOI (Beneficial Ownership Information Report) with FinCEN, the Financial Crimes Enforcement Network. This new requirement affects local businesses and foreign companies operating in the United States — and failing to comply can lead to severe penalties.
In this video, Sandra Lozano, co-founder of Love Taxes, explains everything business owners need to know about BOI in simple and practical terms.
What is the BOI report? The BOI report identifies the beneficial owners of a company — the individuals who own at least 25% of the business or have decision-making power. FinCEN uses this information to combat financial crimes like money laundering and fraud.
Who must file and by when?
Companies created before January 1, 2024 have until December 31, 2024 to file.
Companies formed during 2024 must file within 90 days.
Companies created after January 1, 2025 will only have 30 days to submit their report.
Penalties for non-compliance
Failing to file, or filing incorrectly, can result in civil fines of up to $500 per day and criminal penalties of up to $10,000 and 2 years in prison.
How to file
The report is filed online at the FinCEN website and requires:
Company registration details (name, EIN, jurisdiction).
Applicant information (legal representative, accountant, or attorney).
Beneficial owner information (name, date of birth, address, ID documents).
Updates or corrections within 30 days of any ownership change.
Need help filing your BOI report? Love Taxes offers professional support to guide you through every step.