On December 1, 2024, Janet Yellen, the Secretary of the Treasury, announced to Congress on behalf of the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) that it had received 9.5 million BOI filings out of the 32.6 million reports which will need to be filed. This means less than 30% of businesses required to file BOI reports have actually filed them.
With the new deadline of March 21, 2025, 23.1 million businesses will need to file their BOI reports by this quickly approaching deadline. FinCEN has already struggled to handle the relatively low volume they have experienced. We strongly suggest that businesses file right away to avoid a government website crash. At $591 per day, the penalties are simply too high to procrastinate and face a potential obstacle to filing on time.
At BOI Ally, we lead you through legal determinations to determine who in your organization must be listed as a beneficial owner. We guide you through providing all of the information needed to put together a perfect report. Once you submit it to us, an attorney will review the information you submitted, and your report will be filed. There is too much at risk to not take this seriously. For less than one day’s penalty, let BOI Ally help you file a correct report on time.
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