Navigating Beneficial Ownership Information (BOI) Reporting: Key Deadlines and Compliance

As a business owner, remaining in the know with the latest regulations is crucial to avoid penalties. One of the newer requirements that many entities need to be aware of is the Beneficial Ownership Information (BOI) reporting.?

Here’s what you need to know to stay on top of your BOI reporting obligations.

1. Understand Your Filing Deadlines

The deadline for filing your initial BOI report depends on when your entity was established:

• Entities Established Before January 1, 2024: You have until January 1, 2025, to file your first BOI report. This gives you time to gather the necessary information and ensure compliance.
• Entities Established During 2024: If your entity was set up at any point in 2024, you have 90 days from the date of formation to file your initial BOI report. It’s important to mark this deadline on your calendar to avoid missing it.
• Entities Established On or After January 1, 2025: For entities established on or after this date, the timeframe is much shorter—you’ll need to file your BOI report within 30 days of the setup date.

2. Recognize the Importance of Compliance

Non-compliance with BOI reporting can result in substantial penalties, making it crucial for you to meet the deadlines. Ensuring that your entity’s beneficial ownership information is reported accurately and on time is not just a regulatory requirement—it’s a step towards safeguarding your business from potential fines and legal issues.

3. Stay Informed and Prepared

To help you navigate BOI reporting, The Romine Group is committed to providing you with all the information you need. Check out our youtube channel to watch our latest webinar for more information, detailing what’s required for BOI compliance.

If you have questions or need clarification, don’t hesitate to reach out to us, we’re here to help!?

And remember - there are only two things in life death and taxes and we do taxes?

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