Updated 4/3/2025: U.S. domestic entities are no longer required to report Beneficial Ownership Information (BOI). However, if you're a foreign company doing business in the U.S., you must still file your BOI form.
Understanding BOI requirements under the Corporate Transparency Act
The BOI form is required under the Corporate Transparency Act to report information about individuals who own or control foreign companies operating in the U.S.
Foreign legal entities registered to do business in the U.S., including corporations, LLCs, and similar structures created through state filing.
Anyone who owns/controls 25%+ of the company's equity or has significant influence over operations, finances, or decisions.
Before Jan 1, 2025: April 25, 2025
After Jan 1, 2025: 30 days after registration or April 25, 2025 (whichever is later)
Large operating companies (20+ employees, $5M+ revenue) and certain regulated entities like banks and insurance companies may be exempt.
Failure to file can result in civil penalties up to $500 per day and criminal penalties including fines up to $10,000 and imprisonment.
While BOI requirements have changed, we can still help with your other tax compliance needs. We file 1099-NEC, W-2, 1095-C, 1095-B, and other IRS forms.
