FinCEN Filing Deadline Looms: Do YOU Need to Act?

The Corporate Transparency Act requires certain companies to report information about their “beneficial owners” (the real people who own or control the company) to the Financial Crimes Enforcement Network (FinCEN).

The 2024 vs. 2025 Deadline Confusion

Key deadlines:

Companies formed or registered during 2024 must file by year-end or within 90 days of receiving official formation/registration notice
Companies existing before 2024 have a January 1, 2025 deadline, provided they’re not exempt

Exempt? Maybe, Maybe Not…

Several entity types are exempt, including:

Large operating companies (over 20 employees, $5M+ revenue, etc.)
Certain financial institutions (banks, insurance companies, etc.)
Specific government entities and nonprofits

Check FinCEN’s complete exemption list carefully to avoid penalties from misinterpretation.

What Information Is Required?

The BOI report requires companies to identify their beneficial owners—individuals who own or control 25% or more of the company, or who exercise substantial control.

Required information for each owner:

Full legal name
Date of birth
Residential address
Identification document number (driver’s license or passport)

Penalties for Non-Compliance

Failing to file, or filing false information, can result in:

Civil penalties up to $500 per day
Criminal penalties up to $10,000
Imprisonment up to 2 years

EZQ Group’s Offered Services

We provide:

FinCEN Filing Assistance – Determine your obligations and file correctly
Bookkeeping & Tax Services – Keep your records organized for compliance
Business Consulting – Navigate regulatory requirements with confidence

Don’t Wait

With deadlines approaching, now is the time to assess your filing requirements. Penalties add up quickly.