If your business hasn’t yet filed its Beneficial Ownership Information (BOI) with FinCEN, time is running out. After months of legal back-and-forth, the injunction on the Corporate Transparency Act (CTA) has been lifted, meaning most businesses that have not yet complied must submit their BOI by March 21, 2025.
Failure to file can result in steep financial penalties and even criminal charges, so it’s critical to take action before the deadline. Below, we’ll cover what this new deadline means, who needs to file, and the fastest way to ensure compliance with NCS BOI Filing.
What Is the Corporate Transparency Act & BOI Filing?
The Corporate Transparency Act (CTA) was enacted to combat financial crimes like money laundering and fraud by increasing business ownership transparency. Under this law, most U.S. businesses must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
Who is a Beneficial Owner?
A beneficial owner is anyone who:
✔ Owns 25% or more of a company OR
✔ Exercises substantial control over the company (e.g., executives, key decision-makers).
What Are the Penalties for Missing the March 21 Deadline?
If your business fails to file its BOI by March 21, 2025, you could face:
🚨 Fines of up to $606 per day for late or non-compliant filings.
🚨 Criminal penalties of up to $10,000 or two years in prison for willful violations.
🚨 Regulatory scrutiny that could impact business operations.
Even if your failure to file is unintentional, you may still face penalties—so it’s crucial to take action now.
Who Needs to File BOI?
Most businesses formed before January 1, 2024, must submit their BOI by March 21, 2025.
Businesses that must file include:
✅ LLCs, corporations, and similar entities registered in the U.S.
✅ Foreign companies doing business in the U.S.
✅ Small businesses and startups (unless they meet exemption criteria).
Businesses formed on or after January 1, 2024, must file their BOI within 90 days of their official registration date.
Exemptions: Large corporations, publicly traded companies, and highly regulated businesses (e.g., banks, insurance companies) may be exempt. If you’re unsure whether your company needs to file, consult with a compliance expert.
How to File Your BOI (And Why NCS BOI Filing is the Best Option)
Businesses can file their BOI directly with FinCEN, but the process can be complex, and mistakes can lead to delays or penalties. That’s why many businesses choose NCS BOI Filing for a hassle-free experience.
Why Choose NCS BOI Filing?
Fast & Reliable Filing, Expert Guidance, and Peace of Mind
Instead of navigating FinCEN's system on your own, let us help you!
Need Assistance?
If you have any questions about BOI filing requirements or need help with your submission, contact us today. Our team is ready to ensure your business stays compliant.
Stay ahead of compliance—file today!
