As small business owners, you were required to file the FinCEN-BOI (Beneficial Ownership Information) document in 2024. The deadline was January 1, 2025, with risk of $591/day fines (adjusted for inflation) and up to $10,000 and 2 years in jail for failure to file.
In early 2025, a nationwide injunction was filed to prevent the Financial Crimes Enforcement Network (FinCEN), which is part of the Treasury Department, from enforcing the Corporate Transparency Act. On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted this injunction, and set a new deadline of March 21, 2025 for businesses to comply.
The Corporate Transparency Act, which Congress enacted in 2021, requires small businesses to disclose the identity of people who directly or indirectly own or control the company. The measure aims to prevent criminals from hiding illicit activity conducted through shell companies or opaque ownership structures. According to the Treasury Department, 32.6 million US businesses are impacted by this (CNBC.com) .
If you are having trouble filing your report, refer back to fincen.gov or boiefiling.fincen.gov for more information. You can also ask your accountant, who can help you make sure you are in compliance and not subject to any fines.
Read the full FinCEN Deadline notice from February 18, 2025.
Thank you for being a Colorado Proud member and good luck with all your businesses!
Barb Howe