Last Updated: September 2025
Table of Contents
- Update 03/27/2025 – U.S. Companies No Longer Required
- Update 03/03/2025 – Treasury Suspends Enforcement
- Update 01/24/2025 – Supreme Court Reinstates BOI
- Update 12/04/2024 – District Court Injunction
- New BOI Reporting Requirements for 2025
- What is Beneficial Ownership Information (BOI) Reporting?
- Who Qualifies as a Beneficial Owner?
- Who Must File BOI Reports?
- What Information Must Be Reported?
- Why BOI Compliance Matters
- How Allegiant Management Group Helps Investors
- How to Prepare for the January 1, 2025 Deadline
- Penalties for Non-Compliance
- Get Prepared for 2025
- How to E-File Your BOI Report
- Watch: BOI Compliance & Reporting Explained
- Frequently Asked Questions (FAQs)
UPDATE 03/27/2025 – United States Based Companies No Longer Required to Register
FinCEN has updated its Beneficial Ownership Information (BOI) reporting requirements. As of March 26, 2025, most U.S. companies no longer need to file BOI reports. This regulatory update simplifies compliance for domestic businesses.
However, foreign companies registered to do business in the U.S. must still report. Those registered before March 26, 2025 must file by April 25, 2025; new registrants have 30 days to comply.
UPDATE 03/03/2025 – U.S. Treasury Suspends Enforcement for Domestic Businesses
The U.S. Treasury temporarily suspended BOI reporting enforcement under the Corporate Transparency Act (CTA). This decision reduces compliance burdens for small businesses while shifting focus to foreign reporting companies.
FinCEN confirmed it will not issue fines or penalties for BOI reporting violations. An interim final rule is expected by March 21, 2025 to extend deadlines and clarify regulations.
UPDATE 01/24/2025 – Supreme Court Reinstates BOI Requirement
On January 23, 2025, the U.S. Supreme Court reinstated the BOI reporting requirement. Businesses that must file should do so immediately. Based on past rulings, entities typically have 30 days to comply.
UPDATE 12/04/2024 – District Court Places Injunction
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide injunction, halting enforcement of the CTA.
The lawsuit argued that the CTA exceeded Congress’s regulatory authority under the Commerce Clause, making it unconstitutional.
New Beneficial Ownership Information (BOI) Reporting Requirements for 2025
As January 1, 2025 approaches, U.S. businesses and property owners must prepare for the BOI reporting deadline under the FinCEN Beneficial Ownership Information rules.
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What is Beneficial Ownership Information (BOI) Reporting?
BOI reporting requires certain entities, including investment property owners, to disclose beneficial owners to FinCEN. The goal is transparency, preventing money laundering and misuse of anonymous business structures.
Who Qualifies as a Beneficial Owner?
A beneficial owner is anyone who owns 25% or more of a company or exercises substantial control. Updates must be filed if ownership changes.
Who Must File BOI Reports?
Most small businesses, including corporations, partnerships, and LLCs, must file unless exempt. Exemptions include publicly traded companies, banks, insurance companies, charities, and certain nonprofits.
What Information Must Be Reported?
- Full legal name
- Date of birth
- Residential or business address
- ID number and issuing jurisdiction (driver’s license, passport)
Why BOI Compliance Matters
For property investors, compliance demonstrates transparency and prevents costly penalties (up to $500 per day).
How Allegiant Management Group Can Help
- Entity Structuring Guidance – Align with regulations from formation to ownership changes.
- BOI Filing Assistance – Help with accurate and timely submissions.
- Ongoing Compliance Support – Stay updated with changing laws.
- Property Management – Comprehensive services for investors.
How to Prepare for the January 1, 2025 Deadline
- Identify Beneficial Owners
- Collect Required Information
- Check for Exemptions
- Submit via FinCEN BOI System
- Maintain Updated Records
Penalties for Non-Compliance
Failing to comply may result in civil fines ($500/day), criminal fines ($10,000), or up to 2 years imprisonment.
Get Prepared for 2025
Allegiant Management Group helps Florida property owners comply with BOI reporting and manage investments effectively.
How to E-File Your BOI Report
You can e-file directly at FinCEN’s website. Attorneys such as Rosenthal Meyer also offer filing assistance.
WATCH: BOI Compliance & Reporting Explained
Frequently Asked Questions (FAQs)
Who qualifies as a beneficial owner?
Anyone owning 25% or more or exercising significant control.
What must be included in a BOI report?
Company details, owner details (DOB, ID, address), and applicant information if applicable.
What are penalties for failing to file?
Fines of $500/day, criminal penalties up to $10,000 and/or imprisonment.
Are any entities exempt?
Yes – publicly traded companies, banks, nonprofits, and large operating companies with 20+ employees and $5M+ revenue.
Who has access to BOI reports?
Authorized government agencies, law enforcement, and financial institutions with consent.
Can a BOI report be updated?
Yes, within 30 days of any ownership or detail change.
Where do I file a BOI report?
Online through FinCEN’s BOI system at fincen.gov.
Is there a fee to file?
No, filing is free through FinCEN’s system.
Are landlords required to file?
Yes, if properties are owned under an LLC or corporation. Individual owners without entities are exempt.
Disclaimer: This content is informational only and does not constitute legal or financial advice. Consult a legal professional for advice specific to your situation.
