By now, you may have heard of a BOI report, or Beneficial Ownership Information Report. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

The Corporate Transparency Act (CTA) requires certain types of U.S. and foreign entities to report beneficial ownership information (BOIR) to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This is a new requirement to combat financial crimes. You can learn more about this new requirement on the FinCEN website.

Avoid Severe Penalities and Fees

Failure to properly file a Beneficial Ownership Information report may incur severe civil and criminal penalties, including fines of up to $100,000 and up to two years of prison time.

The owners of any company that willfully violates the BOI reporting requirements may be subject to civil penalties. The penalties start at $500 for each day that the violation continues. Owners may also be subject to criminal penalties of up to two (2) years imprisonment and a fine of up to $10,000.

File today with Palm's easy and automated filing. We're here to bring small business owners like you peace of mind.

Deadlines for Submission

• Existing Companies: A company created or registered before January 1, 2024, must file its initial BOI report by January 1, 2025.

• New Companies: A company created or registered on or after January 1, 2024, must file its initial BOI report within 90 calendar days of its creation or registration​.

Learn more about filing your BOI report and file today with Palm.