The beneficial ownership information report is back in effect and the new due date for the BOI reports is March 21st, 2025.
What You Need To Do
If you filed your initial beneficial ownership information report already, make sure to report any changes to the information in that initial BOI report by March 21st, if any.
Moving forward report within 30 calendar days any change in the information reported on the previous BOI report.
If you are forming a new entity moving forward, also remember to file its BOI report within 30 calendar days from the company creation or registration.
The Good News
The good news is that FINCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for US small businesses.
We strongly advise you read the frequently asked questions on the Financial Crimes Enforcement Network’s website.
We will keep you posted on any news on that.
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Please note that this blog post is for informational purposes only and does not constitute tax, legal or accounting advice.