ATTENTION SMALL BUSINESS OWNERS: CORPORATE TRANSPARENCY ACT FILING DEADLINE REINSTATED

January 6, 2025

Attention small business owners:
If you run a corporation, LLC, or other registered entity that was created in the United States by filing a document with a secretary of state or similar office, recent court decisions have reinstated the mandatory requirement to file Beneficial Ownership Information Reports (BOIRs) under the Corporate Transparency Act (CTA).

If your business was created or registered before Jan. 1, 2024, you now have until Jan. 13, 2025, to submit your filing. Newly registered companies between Sept. 4 and Dec. 23, 2024, also have extended deadlines. This form must be filed with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) at:
https://boiefiling.fincen.gov/.

This change follows a federal appeals court decision on Dec. 23, 2024, that lifted a previous injunction temporarily halting the CTA. If you haven’t filed yet, act soon to avoid penalties. For more information, consult your legal or financial adviser.

Who needs to file?

The CTA applies to many small businesses, including LLCs, S-Corps, registered partnerships, and corporations with fewer than 20 full-time employees and less than $5 million in revenue. Sole proprietors are exempt and do not need to file.

These entities must report detailed information about their beneficial owners — individuals with 25% or more ownership or substantial control over the company.

What information is required to file?

The BOI report asks for the following details:

Company information: Name, address, state of formation, and taxpayer identification number.
Beneficial owners: Full legal names, residential addresses, dates of birth, and identification numbers (e.g., driver’s license or passport).

For businesses formed after Jan. 1, 2024, the filing must also include information about “company applicants,” or individuals who filed the entity’s formation documents.

Filing is free — don’t pay third parties

FinCEN’s BOI filing system is free and user-friendly. Unfortunately, many companies are offering to charge businesses hundreds of dollars to complete the filing. These third-party services are unnecessary in most cases.

For complex situations, such as obtaining information from uncooperative beneficial owners, consulting a CPA or an attorney may be helpful. However, business owners should avoid paying for software or services that claim to simplify the process when the official system is free.

If you need guidance, the Florida Small Business Development Center (SBDC at FIU) is here to help at no cost.

Avoid penalties — get help for free

Don’t risk costly penalties for non-compliance. Your local Florida Keys SBDC consultants provide free consulting to help small businesses navigate the BOI filing process. They also have regular office hours at many of our county’s libraries.