01. International Tax

We provide tailored solutions to complex global businesses doing business in the U.S. Small or multinational, we guide clients through the maze of complex U.S. international tax rules.

02. Offshore Tax Compliance

We assist clients with specialized counsel to fix noncompliance with international tax reporting and penalties. FBAR, forms 8938, 8621, 3520, 926, 5471 and 5472 are among the most common forms that we solve through compliance programs such as streamlined procedures, Voluntary Disclosure Program or the Delinquent International Information Return Submission Procedures (DIIR).

03. Small Business Tax Planning

We assist small and medium businesses with efficient tax structuring to improve efficiencies. Proper tax election, s-corp elections and partnership planning are some of the main solutions offered.

04. Controversy Tax

We guide and represent clients before the IRS including examinations and appeals, as well as represent clients in Tax Court or Federal Courts.

05. Tax Debt Resolution

We help clients to face harsh collection activities, including liens, levies and obtaining a collection alternative such as an offer in compromise, installment payment plans, among others.

06. IRS Criminal Investigations

Our Firm provides representation before IRS Criminal Investigation Division, including Malta Pension Plans and summons.

07. High Net Worth & Family Offices

Assistance with estate planning for select clients and those with cross-border operations, planning for inheritance taxes, and gift taxes in the USA.

08. Start-Ups & Business Tax

No matter how small the idea, we assist clients with the best tax planning and alternatives for their business.

09. Crypto Tax

Our Firm provides tax planning and tax advice on crypto assets and crypto events, including mining, forks, rewards, and disposition/exchange of crypto.

10. BOI Report- Corporate Transparency Act

We assist business owners, CPA and tax preparation firms to file the Beneficial Ownership Information (BOI) report with the FinCEN.

Reporting BOI to FinCEN: Key Deadlines and Update Requirements

BOI Report

08.20.2025

Today’s article in the BOI Report Series provides a concise overview of filing deadlines and timelines. The Corporate Transparency Act (CTA) requires reporting companies to disclose beneficial ownership information (BOI) to FinCEN, with strict timelines for initial reporting and updates following any changes. Understanding these deadlines is critical for compliance.

Initial BOI Reporting Deadlines

For Companies Created or Registered Before January 1, 2024:

These companies have until January 1, 2025, to file their initial BOI reports.

For Companies Created or Registered Between January 1, 2024, and December 31, 2024:

These companies must file their initial BOI reports within 90 calendar days of receiving notice of their creation or registration. The 90-day period begins either upon receiving actual notice that the company’s registration is effective or when a secretary of state or similar office first provides public notice of the company’s creation, whichever occurs first.

For Companies Created or Registered on or After January 1, 2025:

These companies are required to file their initial BOI reports within 30 calendar days of receiving actual or public notice of their creation or registration.

Reporting Changes in Beneficial Ownership Information

If there is any change to the previously reported beneficial ownership information, such as changes in ownership, control, or identifying details of a beneficial owner, the reporting company must file an updated BOI report within 30 calendar days of the change.

Example Scenario

Consider the following scenario:

    • XYZ LLC is created on February 15, 2024, but does not receive actual notice of its creation until March 1, 2024. However, the Secretary of State’s office provided public notice of the company’s registration on February 20, 2024.
    • Since the rule specifies that the 90-calendar day deadline begins whichever is earlier, XYZ LLC must calculate its filing deadline from February 20, 2024 (the date of public notice).
    • The company must therefore submit its initial BOI report by May 20, 2024 (90 calendar days from February 20, 2024).

Key Considerations for Compliance

Timeliness is essential when submitting both initial BOI reports and updates to previously reported information. Companies that fail to comply with these deadlines may face significant penalties, including fines and potential criminal liability.

It is crucial for businesses to monitor changes in ownership or control promptly and ensure that their reporting obligations are met within the required timeframes.

Importance for Tax Professionals

Tax professionals play a vital role in ensuring that their clients understand and adhere to these BOI reporting obligations. By providing timely guidance and monitoring changes in ownership or control, tax advisors help clients avoid costly penalties and maintain compliance with the CTA.

Adhering to these deadlines is not just a matter of compliance but also a step toward maintaining transparency and accountability in corporate operations.