BOI late filing support

Urgent BOI Update: Major Changes to Reporting Requirements & Enforcement Pause Dear US Business Owners and LLC Founders,FinCEN has issued a significant interim final rule in March 2025, fundamentally changing Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA).Key Changes You Need to Know: U.S.

Companies Exempt: Most U.S. companies and U.S. persons are now no longer required to report BOI to FinCEN. Focus on Foreign Entities: The reporting obligation primarily shifts to foreign entities registered to do business in the United States.

New Deadlines for Foreign Entities: Registered before March 26, 2025: File by April 25, 2025. Registered on or after March 26, 2025: File within 30 calendar days of registration notice.

Enforcement Pause: FinCEN has announced it will not issue fines or penalties related to BOI reporting deadlines while it finalizes new rules and guidance.What If You've Missed a Deadline or Need to Correct Information?While enforcement is paused, willful violations can still lead to civil penalties (up to $591/day) and criminal charges.

FinCEN offers a safe harbor for voluntary corrections made within 90 days of the original deadline. Any inaccuracies should be corrected within 30 days of discovery.Recommended Action Steps:

Urgent BOI Update: Major Changes to Reporting Requirements & Enforcement Pause Dear US Business Owners and LLC Founders,FinCEN has issued a significant interim final rule in March 2025, fundamentally changing Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA).Key Changes You Need to Know: U.S.

Companies Exempt: Most U.S. companies and U.S. persons are now no longer required to report BOI to FinCEN. Focus on Foreign Entities: The reporting obligation primarily shifts to foreign entities registered to do business in the United States.

New Deadlines for Foreign Entities: Registered before March 26, 2025: File by April 25, 2025. Registered on or after March 26, 2025: File within 30 calendar days of registration notice.

Enforcement Pause: FinCEN has announced it will not issue fines or penalties related to BOI reporting deadlines while it finalizes new rules and guidance.What If You've Missed a Deadline or Need to Correct Information?While enforcement is paused, willful violations can still lead to civil penalties (up to $591/day) and criminal charges.

FinCEN offers a safe harbor for voluntary corrections made within 90 days of the original deadline. Any inaccuracies should be corrected within 30 days of discovery.Recommended Action Steps:

Verify Your Status

Confirm if your entity is still required to file under the new rules.

File Promptly

If required, submit your BOI report as soon as possible. Filing late is better than not filing.

Correct Errors

If you find an inaccuracy, file a corrected report within 30 days.

Document Efforts

Keep records of your compliance activities.

Seek Professional Guidance

Consult with legal or compliance experts for personalized advice.Stay informed and ensure your business remains compliant. For official guidance, visit the FinCEN BOI page.