Important Update for US-Based & Foreign Entities.
- Alexey Ravin
- Nov 29, 2023
- 1 min read
Starting Jan 1, 2024, a new BOI reporting requirement kicks in! Here’s what you need to know:
🔹 Who’s Affected?
• Domestic Entities: Corporations, LLCs, etc., formed in the US 🏢
• Foreign Entities: Companies formed outside the US but doing business here 🌐
🔹 Deadlines to Remember:
• New Companies (formed after Dec 31, 2023): File within 90 days of formation (extended from 30 days for 2024 only!) ⏳
• Existing Companies (formed before Jan 1, 2024): Deadline is Jan 1, 2025 📅
• Companies with Changes in Info: Report within 30 days of the change 🔄
🔹 Penalties for Non-Compliance:
• Civil: Up to $500/day 💵
• Criminal: Up to 2 years in prison and/or fines up to $10,000 ⚖️
Stay compliant to avoid hefty fines and legal troubles! Check if you’re exempt from these 23 filing exceptions.
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