I registered my LLC on May 22nd. I thought I had until January 1, 2025, but it turns out I only had 90 days. I just filed my BOI on December 2nd. Am I going to get hit with a $10k fine or face any other issues? Is there a number I can call to check? Since I filed for my LLC, things got really busy, and I thought I had more time. Now I’m panicking, and my family can’t afford a $10k fine or any other major charges.
It’s not clear whether they will actually enforce this right now, and I doubt it. They don’t have a solid system to track it yet. Honestly, it’s hard to even confirm whether a form has been filed, so you could probably argue that you thought it was submitted. That could be accepted as a valid excuse for now. It’s still a new rule, and it’s being challenged in a few federal courts, so I wouldn’t worry about being late this year. After January 1st, though, things might change.
@Marley
I thought I got confirmation when I filed my BOI reports. Are you talking about something different?
Greer said:
@Marley
I thought I got confirmation when I filed my BOI reports. Are you talking about something different?
I tried the site today, but nothing was loading. I uploaded the form, and the site went blank for 30 minutes with no confirmation. The PDF guide says you’re supposed to get confirmation, so I’ll try again tomorrow.
The $10,000 fine is for willfully not filing. This isn’t intentional. I’d be surprised if they enforced fees in the first year. I think they want to keep the fines in place to encourage compliance, but they’ll probably change the rules soon.
@Raleigh
Yeah, exactly OP. The fines are for people who deliberately avoid filing. Once you submit it, you’ve shown that you didn’t intentionally skip it. In these cases, it’s up to the government to prove you didn’t file on purpose. If you submit it now, they have no reason to penalize you.
@Reese
I just want everything to be correct and avoid issues. The form asked for a physical address, so I used my home address. I didn’t want to mess anything up.
Don’t stress. A lot of people are in the same boat.
Peyton said:
Don’t stress. A lot of people are in the same boat.
I agree. We’ve done a ton of filings, even late ones, and I haven’t heard of anyone getting fined yet.
Peyton said:
Don’t stress. A lot of people are in the same boat.
It helps to hear this, especially since you’re a CPA and attorney. I looked up my division of corporations info and realized I used a UPS box address, which forced the same address for all my filings. For BOI, I used my home address for the physical, but I’m unsure if I should’ve used the UPS box instead. Should I amend it?
Peyton said:
@Leith
Hey, the important thing is you filed. A lot of people haven’t, and that’s the real issue.
Yeah, I always try to do the right thing. I just don’t want to cause any problems for my family or myself.
@Leith
FinCEN will probably target those who haven’t filed at all. They won’t go after those who filed, even if late. These penalties are likely for those who avoid filing for years.
Peyton said:
@Leith
FinCEN will probably target those who haven’t filed at all. They won’t go after those who filed, even if late. These penalties are likely for those who avoid filing for years.
I agree. I just want peace of mind. Thanks for the insight. I really appreciate it.
The rules are kind of confusing. If you filed before 2024, it’s a full year; if you filed in 2024, it’s earlier. I really doubt they’ll go after anyone in the first few years. They’re trying to get as many people to comply voluntarily before cracking down on those who intentionally avoid it.
The penalties under the CTA might be added to other penalties, like those under the Bank Secrecy Act. With new tech, though, it’s possible FinCEN automates this process to pull data from every state’s entity database.
You’re good. As long as it’s filed by the end of the year, you’re fine. Honestly, I don’t think FinCEN is going to do much with this information.
Flynn said:
You’re good. As long as it’s filed by the end of the year, you’re fine. Honestly, I don’t think FinCEN is going to do much with this information.
It’s confusing because they had all this info when I formed my LLC. I used my home address for the BOI physical, but for the company address, I used the UPS box. Should I amend this?
@Leith
I wouldn’t worry about it. You had to upload your driver’s license anyway, so the address should match. No need to amend it.
I think this whole thing might get overturned. Don’t stress too much about the penalty. I doubt they’ll enforce it until they figure out what to do with the appeals.