Beneficial Ownership Information Filing Requirements

The following is a reminder to all entities of the filing requirements related to the Beneficial Ownership Information (BOI) Reporting.

With recent updates in 2024 to the Beneficial Ownership Information regulations, businesses must adhere to the filing rules to ensure compliance. These rules differ for businesses that were in existence prior to January 1, 2024, and new businesses organized after January 1, 2024.

Who Must File
- All legal entities including corporations, S corporations, LLCs, and partnerships. Please see the BOI website for all required entities.
- Certain entities may be exempt from filing, please see the exempt entities on the BOI website FAQ section.

Filing Deadlines
- Reporting companies created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report.
- A reporting company created or registered after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.
- Entities must update their beneficial ownership information whenever there are changes, such as transfers of ownership or changes in control.

Detweiler, Hershey & Associates, P.C. is not filing these reports on behalf of clients as it is not a tax related filing, and it is the responsibility of the entity to ensure that these reports are filed. Additionally, Detweiler, Hershey & Associates, P.C. has not filed these reports for any clients that have had their tax returns prepared with us for the 2023 filing year.

It is important to make sure all entities are in compliance with the Beneficial Ownership Information requirements as there are fines and penalties for noncompliance.

For full information please visit the Beneficial Ownership Information website. For answers to frequently asked questions please visit the BOI FAQ page.

Filed in: Client News, News