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Due to recent legal developments, FinCEN has confirmed that the new deadline for filing is March 21, 2025. However, some businesses may qualify for extensions under certain circumstances. For example, businesses that were previously given a later deadline due to disaster relief extensions must still file by their designated later deadline, such as in April 2025. Additionally, there is ongoing legislative uncertainty, with a proposal in the House of Representatives to extend the BOI reporting deadline to January 1, 2026, but it has not yet passed in the Senate.

Why the BOI Reporting Deadline Matters to SMEs:

The BOI report is a government requirement that businesses must file to share information about their owners. This helps prevent money laundering and other illegal activities. Under the Corporate Transparency Act, the government requires SMEs (LLCs, corporations, and similar entities) to submit BOI reports unless they qualify for an exemption. FinCEN has confirmed that they will enforce the March 21 deadline, with no further delays expected.

Key Things Every SME Needs to Know About the New BOI Reporting Deadline:

• Who needs to file: If you're an SME (LLC, corporation, or similar entity), you must file unless exempt.
• What’s required: You need to provide the full legal names, dates of birth, addresses, and government-issued IDs of all your beneficial owners.
• What happens if you don’t comply: You could incur fines up to $591 per day for each violation. Worse, criminal penalties can include fines up to $10,000 and two years in prison for willful violations.

Why You Need to Act Now:

• The March 21 deadline is a fact. Don’t risk missing it.
• Late filings lead to penalties that will harm your business.
• Parikh Financial will ensure your BOI report is filed correctly and on time.

How Parikh Financial Helps SMEs with BOI Reporting:

• Simplify BOI filing: Parikh Financial will guide you through the entire process, ensuring accuracy and compliance.
• Keep you on track: The team will file your report before the deadline to avoid penalties.
• Offer ongoing support: Keep you updated on any changes to the regulations that could impact your SME’s future filings.

Don’t Wait—Protect Your Business:

Filing your BOI report on time is essential. Reach out to Parikh Financial today to ensure everything is handled efficiently, and avoid unnecessary penalties.

Take Action Now to Avoid Penalties:

Don’t let a missed deadline put your business at risk, book a call with our team.

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