Learn all about when you need to file your BOI Report and how Palm can help you file in a few easy steps.
Navigating the world of business regulations can be complex, but staying compliant is crucial to avoid penalties and legal issues. One such regulation is the Beneficial Ownership Information (BOI) report, a requirement under the anti-money laundering regulations set by the Financial Crimes Enforcement Network (FinCEN). Filing this report accurately and on time is essential, and we're here to guide you through the process. In this blog post, we'll explore who needs to file, the potential consequences of late filing, the deadlines you need to meet, the information you'll need to provide, and how to file your BOI report with ease.
Timely filing of your beneficial ownership information (BOI) report is crucial as failure to comply can result in significant penalties. Late filers may face civil penalties ranging from $500 to $1,000 for each violation. These penalties can accumulate quickly, especially if multiple reports are overdue.
However, the consequences of not filing at all are far more severe. Businesses that fail to file a BOI report may be subject to penalties of up to $10,000 per violation. Moreover, the government may seek injunctions to prevent further violations. In cases where there is intentional disregard of the reporting requirements, penalties can reach as high as $500,000 per violation.
In addition to hefty fines, knowing and willful violations of the BOI reporting requirements can lead to criminal prosecution, resulting in fines and imprisonment. Therefore, it is essential for businesses to understand their filing obligations and ensure that their BOI reports are filed accurately and on time to avoid these severe consequences.
Don't let compliance become a hassle - file with Palm's easy and automated process. We're dedicated to helping small businesses like yours succeed and stay on the right side of regulations.
Filing your beneficial ownership information (BOI) report on time is crucial to avoid penalties and ensure compliance with anti-money laundering regulations. The due date for filing your BOI report depends on the type of entity you represent and its formation date.
New Businesses
If you're a new business formed in the US or a foreign entity registering in the US, you must file your BOI report within 30 days of the date you're legally formed or registered. This applies to corporations, LLCs, and other entities covered by FinCEN's regulations.
Existing Businesses
If you're an existing business that was formed or registered before January 1, 2020, you had until January 1, 2022 to file your initial BOI report. However, if you've experienced any changes to your beneficial ownership information since your initial filing, you must file an updated BOI report within 30 days of the change.
Trusts and Estates
Trusts and estates must file their BOI reports within 30 days of being formed, created, or otherwise established. If there are any changes to the beneficial ownership information, an updated BOI report must be filed within 30 days of the change.
Nonprofits
Nonprofit organizations are also required to file BOI reports. The due date for nonprofits is May 15 of each year, regardless of when the organization was formed. If there are any changes to the beneficial ownership information, an updated BOI report must be filed within 30 days of the change.
Foreign Entities
Foreign entities registered in the US must file their BOI reports within 30 days of the date of registration. If there are any changes to the beneficial ownership information, an updated BOI report must be filed within 30 days of the change.
Understanding these deadlines is essential for timely reporting and avoiding penalties. If you're unsure about your filing obligations or need assistance completing your BOI report, consider using Palm's easy and automated e-filing process. We're here to help small businesses like yours win.
Filing your beneficial ownership information (BOI) report accurately and on time is crucial for businesses to comply with anti-money laundering regulations. To ensure a smooth reporting process, it's essential to gather the necessary information beforehand.
The BOI report requires specific details about the business and its beneficial owners. For each beneficial owner, you'll need to provide their legal name, residential or business address, date of birth, and Social Security number or Individual Taxpayer Identification Number. Beneficial owners are individuals who own or control at least 25% of the business's ownership interests or voting power. If there are multiple beneficial owners, information about each one must be included.
In addition to beneficial owner information, you'll also need to provide details about the business itself. This includes the legal name of the business, principal business address, Employer Identification Number (EIN), and the date the business was formed or registered. If the business is a corporation, you'll also need to provide the state where it's incorporated.
Filing your beneficial ownership information (BOI) report doesn't have to be a hassle. With Palm's user-friendly and automated e-filing process, you can complete your reporting requirements efficiently and effortlessly. Our intuitive e-filing system guides you through each step, ensuring accurate and timely submission of your BOI report.
To get started, simply visit our website and create an account. You will be prompted to provide basic information about your business, such as your legal name, address, and industry. Once your account is set up, you can easily upload your BOI data using our secure and encrypted platform. Palm's system will automatically validate your information to ensure compliance with FinCEN's reporting requirements.
If you encounter any issues while filing your report, our dedicated support team is ready to assist you. We understand the importance of meeting BOI report due dates, and our team is committed to providing you with the support you need to successfully file your report on time.
Remember, late filing or failure to file your BOI report can result in penalties and fines. Don't let reporting compliance become a burden for your business.
File with Palm today and join the growing number of businesses that have simplified their BOI reporting experience.
The BOI Update: What You Need to Know Now
BOI is now required for all small business owners with enforcement starting January 13,2024. The injunction has been lifted and businesses are required to file.