BOI Reporting Requirements Temporarily Reinstated by Court
An emergency motion for stay pending appeal of a prelimary injuction reinstated the Beneficial Ownership Information (BOI) reporting requirements. Deadlines for reporting have been extended:
- Companies created or registered before Jan. 1, 2024, have until Jan. 13, 2025.
- Companies created or registered between Sept. 4, 2024, and Dec. 23, 2024, have until Jan. 13, 2025.
- Companies created or registered between Dec. 3, 2024, and Dec. 23, 2024, have an additional 21 days from their original deadline.
- Companies created or registered on or after Jan. 1, 2025, have 30 days to file after receiving notice of their creation or registration.
Current Paychex Clients Can Access BOI Reporting in Paychex Flex®
Current Paychex clients can easily access the BOI Reporting service in their Paychex Flex dashboard. Only Super Admins can activate the service.
In the dashboard’s left navigation bar, select:
- Company Details
- BOI (Beneficial Ownership Information) Reporting
- Get Started
New Federal Reporting Requirements in 2024
Business Requirements
Most businesses must report their beneficial owners. A beneficial owner is someone who has a stake of 25% or more in a legal entity or corporation, or a significant management role. A business may have multiple beneficial owners that own or control the company.
BOI Reporting Deadlines
Businesses in existence prior to Jan. 1, 2024, must file by Jan. 1, 2025. New businesses created in 2024 have 90 days from creation or registration to file their initial report. New businesses created on or after January 1, 2025, will have 30 days from creation or registration to file. Amended reports must be filed no later than 30 days after the date of the change.
Penalties for Non-Compliance
Potential civil penalties include fines of $591 per day, up to $10,000, while criminal penalties could include imprisonment of up to two years.
Frequency of BOI Reporting
If there is a change in beneficial owner information, an amended report must be filed no later than 30 days after the date of the change. The Paychex BOI Reporting Service can take this added burden off your business to further assist you with your reporting obligations.
BOI Reporting FAQ
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Can Paychex Clients Access the BOI Solution in Paychex Flex?
Can Paychex Clients Access the BOI Solution in Paychex Flex?
Yes, and if you are interested in our BOI Reporting solution, it's easy to find in Paychex Flex®. Only Super Admins can activate the service. Please have your super admin login to Paychex Flex. In the Dashboard's left navigation bar, select Company Details > BOI (Beneficial Ownership Information) Reporting > Get Started.
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What Are the Reporting Company Requirements?
What Are the Reporting Company Requirements?
The U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requires most domestic and foreign businesses who are registered to do business in the U.S. to report their BOI starting in 2024.
All corporations, LLCs (Limited Liability Company), or other businesses who file documents with the Secretary of State (or similar office) are included in this requirement. -
Who Needs to File a BOI Report?
Who Needs to File a BOI Report?
Companies are required to identify and report beneficial owners in a BOI report and may also need to include information on the reporting company. Typically, the responsibility of filing does not fall on the individual.
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What Companies Are Exempt From BOI Reporting?
What Companies Are Exempt From BOI Reporting?
There are 23 exemptions to BOI reporting. Paychex can help to determine if your business meets the criteria for an exemption.
Get Help Filing Your BOI Reporting
Paychex can help your business with these federal reporting requirements by filing initial and updated BOI reports on your behalf.