File your Beneficial Ownership Information Report on time
Beneficial Ownership Information (BOI) Report is a legal requirement that many of our clients may need to handle themselves, especially if they don’t have legal representation on retainer. We’re here to help make sure you’re informed and prepared to meet these new federal and New York state reporting requirements—and to let you know that more states are considering similar rules.
What Is BOI Reporting, and Who Needs to File?
BOI reporting applies to all single-member LLCs, multi-member LLCs, S corporations, and C corporations with fewer than 20 employees and gross receipts of $5 million or less.
Most for-profit businesses in this category must report information about their beneficial owners (the individuals who ultimately own or control the company) to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
Why Is This Important?
Failure to file can result in steep penalties:
- $591 per day for late filing.
- Up to $10,000 in criminal fines.
- Potential imprisonment for up to two years.
Key Deadlines
- Businesses established on or before December 31, 2023: File by December 31, 2024.
- Businesses established in 2024: File within 90 days of establishment.
- Starting in 2025: File within 30 days of establishment.
New York is Getting into the Act
The NYLTA requires domestic LLCs and foreign LLCs that meet the definition of a reporting company under the Financial Crimes Enforcement Network (FinCEN) BOI requirements to also file a BOI disclosure statement with the New York Department of State, and to update the information as changes occur. New York’s Department of State will provide more information about how and where to file as the 2026 deadline approaches.
- Businesses established on or before January 1, 2026: File by December 1, 2026.
- Starting in 2026: File within 30 days of establishment.
Resources to Help You
We’ve created short 3-minute instructional video to guide you through completing your BOI report. Keep in mind that you’ll need to submit an initial report and update it whenever there are changes in ownership or addresses.
Looking Ahead
While New York is the first state to enact specific BOI reporting requirements, other states like California and Massachusetts are considering similar legislation—potentially with public reporting of ownership details. We’ll keep you updated on developments.
If you have any questions or need further clarification, don’t hesitate to reach out. We’re here to support you every step of the way!
