The clock continues to tick, and time is getting shorter on the need to file your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury Financial Crimes Enforcement Network (FinCEN).

If your reporting business existed on January 1, 2024, you must file on or before January 1, 2025.

If you create a new reporting business in 2024, you have 90 days from the date you filed with your state’s secretary of state.

Remember, you need to file for all your limited liability companies (LLCs) and corporations. Thus, if you have five rental properties all owned in separate LLCs, then you have five BOI reports to file.

Don’t forget that the penalties for failure to file can be huge. For example, for each day you are late, the penalty is $591. Then, you could also face an additional $10,000 ... Log in to view full article.