Don't Mess With Uncle Sam: Your BOI Report Is Due (Or Else)
Nov 22, 2024
2 min read
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Spoiler Alert: This isn't one of those "optional" government things.
By December 31, 2024, anyone with an LLC or corporation must file a Beneficial Ownership Information (BOI) report with FinCEN. Ignore this at your peril. The penalty? A heart-stopping $591 per day and the chance to enjoy federal hospitality (read: jail time). Sound fun? Didn't think so.
Why the drama? The government wants to crack down on shady money moves like money laundering and general sketchiness. If you’ve got questions, we’ve got answers—and they come with a side of snark to keep you reading.
BOI Basics (a.k.a. What Do I Have to Spill?)
Here’s what the BOI report includes:
Your LLC or corporation’s details: Name, address, and EIN/Tax ID.
Who’s in charge? Anyone owning 25%+ or calling the shots (think managers or officers).
Personal deets for these folks: Name, address, and a picture of a government-issued ID (because, yes, they want to know everything)..
Get it done at:
https://boiefiling.fincen.gov/
Deadlines You Can’t Ignore
If your entity was born before 2024, your homework is due by December 31, 2024.
Newbies in 2024? You’ve got 90 days post-approval to file.
Can Anyone Snoop on This Info?
Relax—your BOI report isn’t public. Only FinCEN and the Department of Treasury get to peek at it. Even state agencies can’t touch it without a court-ordered subpoena.
How Much Does This Cost?
Filing the BOI yourself is free, but you’ll need to carve out some time. Not into DIY? Professionals like lawyers and compliance services can handle it for you. Prices range from $200–$250.
Is This a One-and-Done Thing?
For the most part, yes. But if your info changes—like moving or switching up ownership—you’ll need to amend your BOI report.
Wait, Didn’t Someone Call This Law Unconstitutional?
True story: A federal district court in Alabama called the law unconstitutional. But don’t pop the champagne yet—this only applies to the plaintiffs in that case. Everyone else (read: you) is still on the hook.
Why You Should File Now (and Avoid Pain Later)
Procrastination might feel good today, but $591/day fines will ruin your New Year’s resolutions faster than you can say “gym membership.” And jail time? Let’s just say stripes aren’t a good look on anyone.
Do yourself a favor: File your BOI report today. Your wallet (and freedom) will thank you.