As part of our commitment to keeping you informed, we want to ensure you're aware of critical updates regarding important filing requirements for businesses. Staying compliant with these regulations is essential to avoid penalties and ensure your business remains in good standing.
While our firm does not directly manage Beneficial Ownership Information (BOI) filings, we are here to provide you with the necessary resources and information to help you comply with these important regulations.
Deadlines to Remember
Existing companies (as of January 1, 2024): File by January 1, 2025.
New companies (registered between January 1, 2024, and January 1, 2025): File within 90 days of formation.
New companies (registered after January 1, 2025): File within 30 days of formation.
Why Compliance Matters
Reporting beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is not just a recommendation—it's a legal requirement under the Corporate Transparency Act (CTA). Filing your BOI report accurately and on time is essential to maintaining compliance and avoiding unnecessary legal and financial consequences.
Consequences and Penalties for Non-Compliance
Failure to file your BOI report on time or providing false or misleading information can result in severe penalties, including:
Civil Fines: Non-compliance can lead to civil penalties of up to $500 per day until the report is filed or corrected.
Criminal Penalties: Willful failure to report or providing false information can result in fines of up to $10,000 and imprisonment for up to 2 years.
To avoid these costly penalties, it's crucial to ensure your BOI report is submitted accurately and before the appropriate deadlines.
FinCEN Compliance Guidelines
For a detailed explanation of BOI reporting obligations and compliance requirements, refer to the official guidelines from FinCEN.
🔗 Read the FinCEN Compliance Guidelines
Common Compliance Questions
What happens if I miss the filing deadline? Missing the filing deadline can result in daily fines that accumulate quickly. It's important to file as soon as possible to avoid these penalties.
How can I correct a mistake in my BOI report? If you realize an error in your submission, you must promptly submit an updated report. Failure to do so could lead to additional penalties.
What if I have no changes in beneficial ownership after filing? Even if no changes occur after your initial filing, you must continue to monitor your ownership structure and report any future changes within 30 days of the change.
Pennsylvania Annual Report (PAR) Filing Requirements Beginning in 2025
Starting in 2025, the Pennsylvania Department of State (PADOS) will implement a new requirement for all Pennsylvania and foreign entities registered to do business there. PADOS will send a Pennsylvania Annual Report (PAR) to the registered office of every entity. Each entity must complete and return the PAR and a $7.00 filing fee within two (2) months of receiving it.
Ensure Your Registered Office Address is Up to Date
Verifying that your registered office address on file with PADOS is current. If your registered address is incorrect and you do not receive the PAR, you must file the report on time. Failure to submit the PAR promptly can result in penalties or administrative actions against your entity.
What You Need to Do
Verify Your Address: If you're unsure about the registered office address on file with PADOS or have moved since your entity was formed or registered to do business in Pennsylvania, it's important to update your information.
The Pennsylvania Department of State's online filing portal allows users to search for registered businesses, including their registered office addresses. The portal will enable users to file, search, and order records online.
🔗 Access the PADOS Online Portal
How Brinker Simpson Can Help
Remember, while we do not facilitate BOI filings, we are here to keep you informed and provide valuable resources. Staying compliant with BOI reporting and the new Pennsylvania Annual Report requirements is essential to avoid penalties and ensure your business remains in good standing.
Please contact our team if you have any questions or need assistance understanding these requirements. We're here to help you navigate these compliance obligations.
