Attention Business Owners: BOI Explainer

Financial Crimes Enforcement Network has established a required filing for businesses that have filed with their Secretary of State. This report is called the Beneficial Ownership Information (BOI) Report.

Businesses established before January 1, 2024, have until January 1, 2025, to file this report. Businesses that were established in 2024 have 90 days to file. Fines for not filing can be $500/day up to $10,000 and in some cases criminal penalties. You are probably getting notices in the mail with entities trying to charge hundreds of dollars for this service, but they are not explaining your ongoing responsibilities. Find out the many reasons why it's not recommended to go with these companies.

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