Key Takeaways
- Most LLCs, corporations, and similar entities must file a Beneficial Ownership Information (BOI) report with FinCEN under the Corporate Transparency Act.
- If your business was formed before January 1, 2024, your initial deadline was January 1, 2025 — if you haven't filed yet, you need to act now.
- Businesses formed in 2025 or 2026 have 30 days from their formation date to file.
- Penalties for non-compliance can reach $500 per day in civil fines — plus potential criminal charges.
- DLB Consulting Group files your BOI report accurately and affordably for a flat fee of $199.
Does Your Business Have a Filing Obligation You Don't Know About?
Here's a question I get a lot: “Dawn, do I really need to file this BOI report?”
And my answer is almost always the same: Yes — and you probably needed to file it already.
If you formed an LLC, corporation, or similar business entity in the United States, there's a federal compliance requirement that may be sitting on your to-do list without you even knowing it. The Beneficial Ownership Information (BOI) report is one of the most overlooked — and most penalized — small business compliance obligations in recent years.
After 35+ years in corporate finance and payroll for Fortune 500 companies, I've seen what happens when business owners miss federal deadlines. The government doesn't send a gentle reminder. The fines start quietly, and then they pile up fast.
The good news: this filing is completely manageable when you have the right guide. Let me walk you through everything you need to know — in plain English.
What Is a BOI Report?
A Beneficial Ownership Information (BOI) report is a disclosure filed with FinCEN — the Financial Crimes Enforcement Network, a bureau of the U.S. Department of Treasury — that identifies the real human beings who own or control a business.
The requirement was created by the Corporate Transparency Act (CTA), signed into law in 2021 and effective January 1, 2024. The goal is to combat money laundering, shell company fraud, and financial crimes by creating a national database of business ownership.
Before this law, someone could register an LLC, hide behind a registered agent's address, and never disclose who was truly running the show. The Corporate Transparency Act changed that.
Key facts about the BOI report:
- Filed directly with FinCEN through their online system (boiefiling.fincen.gov)
- Not a public record — only accessible to authorized government agencies and law enforcement
- For most existing businesses, it's a one-time filing (unless ownership information changes)
- No filing fee from FinCEN — you only pay if you use a professional filing service
Who Must File a BOI Report?
Most small businesses formed by filing documents with a state government must file. If you registered your business with a Secretary of State's office, you almost certainly need to file.
Reporting companies generally include:
- Limited Liability Companies (LLCs) — single-member and multi-member
- C corporations and S corporations
- Limited partnerships and limited liability partnerships (LLPs)
- Any other entity formed by filing with a state or tribal government
Who Is Exempt?
There are 23 exemption categories under the Corporate Transparency Act. Most apply to large, heavily regulated entities — not the typical small business owner. The most relevant exemptions include:
- Publicly traded companies listed on a major U.S. stock exchange
- Banks, credit unions, and SEC-registered firms
- IRS-recognized tax-exempt nonprofits (501(c)(3) churches and organizations with a Determination Letter)
- Large operating companies with 20+ full-time U.S. employees, a U.S. physical office, and over $5M in annual gross revenue
Important for faith-based organizations:
If your church or nonprofit has received its IRS 501(c)(3) Determination Letter, it is generally exempt from filing. But if your ministry is incorporated at the state level and still waiting for IRS approval, you may still need to file. When in doubt, get a professional opinion — that's what we're here for.
What Information Is Required?
The BOI report collects two categories of information:
1. Company Information
- Full legal name of the business
- Trade name or DBA (if applicable)
- Principal U.S. business address
- State or tribal jurisdiction of formation
- Employer Identification Number (EIN)
2. Beneficial Owner Information
For every individual who owns or controls at least 25% of the company, or who exercises substantial control, you must report:
- Full legal name
- Date of birth
- Current residential address
- A unique ID number from an acceptable document (U.S. passport, state driver's license, or foreign passport)
- An image of that identifying document
If your business was formed on or after January 1, 2024, you must also report your company applicant — the individual who filed the formation documents with the state. For most solo founders, that's you.
BOI Filing Deadlines: Know Where You Stand
The deadline depends entirely on when your company was formed or registered.
| Company Formation Date | BOI Filing Deadline |
|---|---|
| Before January 1, 2024 | January 1, 2025 — deadline passed, file immediately |
| January 1, 2024 – December 31, 2024 | 90 days from formation date |
| January 1, 2025 or later | 30 days from formation date |
| Ownership / control information changes | 30 days from the date of change |
If your business was formed before 2024 and you haven't filed, that deadline has already passed. Every day you wait increases your exposure. The right move is to file as soon as possible and stop the clock on potential penalties.
Penalties for Non-Compliance: This Is Serious
FinCEN does not take non-compliance lightly. The Corporate Transparency Act authorizes serious consequences for failing to file — or for filing inaccurately.
- !Civil penalties: Up to $500 per day for each day the violation continues (adjusted for inflation — now exceeding $591/day in some assessments)
- !Criminal penalties: Up to $10,000 in fines and/or up to 2 years in prison for willful violations or knowingly submitting false information
“I didn't know” is generally not a valid defense. Regulators may treat continued inaction — after the law was widely publicized — as a willful violation.
The silver lining: if you file accurately and promptly, there are zero penalties. This is 100% avoidable.
Why Work With DLB Consulting Group?
I want to take a moment to speak directly to you — not as a consultant, but as someone who has walked alongside hundreds of entrepreneurs and business owners on their journey.
You didn't start your business to become a federal compliance expert. You started it to serve your clients, build something meaningful, and create a legacy for your family. My job — and my calling — is to protect that work by handling the details you don't have time for.
35+ Years of Compliance Experience
I spent over three decades managing payroll and compliance for Fortune 500 companies. When I file your BOI report, it is filed correctly — no guesswork, no costly mistakes.
Personalized, One-on-One Service
DLB is not a filing mill. Every client gets personal attention. I review your specific situation, verify exemption eligibility, and make sure everything is accurate before submission.
Faith-Based Community Focus
I founded DLB specifically to serve entrepreneurs, small business owners, and faith-based organizations. I understand the intersection of mission and business — and I honor both.
BOI Report Filing — $199 (Flat Fee)
No hourly billing. No upsells. No surprises.
- Review of your company's filing status and exemption eligibility
- Accurate preparation of your BOI report with all required ownership information
- Submission to FinCEN through the official filing system
- Confirmation and documentation once your filing is accepted
- Peace of mind knowing it's done right by someone with decades of compliance experience
Ready to Get Compliant?
Don't let this filing hang over your head. DLB Consulting Group files your BOI report accurately, quickly, and affordably — for just $199.
Frequently Asked Questions
What is a beneficial owner under the Corporate Transparency Act?
A beneficial owner is any individual who, directly or indirectly, either (a) owns or controls at least 25% of the equity interests of a company, or (b) exercises substantial control over the company's major decisions. "Substantial control" includes being a senior officer (CEO, president, CFO, COO, general counsel), having authority to appoint or remove officers, or otherwise directing significant business functions. If you're the sole owner of your LLC, you are automatically the beneficial owner.
Do I need to file a BOI report for my LLC?
Most likely, yes. Any LLC formed by filing documents with a state or tribal government is a "reporting company" under the Corporate Transparency Act and must file a BOI report with FinCEN. The only LLCs that are exempt are those qualifying for one of 23 specific categories — such as large operating companies with 20+ employees and $5M+ in revenue, or entities already regulated by federal agencies. If you're a typical small business LLC, you need to file.
What is the penalty for not filing a BOI report?
The Corporate Transparency Act authorizes civil penalties of up to $500 per day (adjusted periodically for inflation) for each day a violation continues. It also authorizes criminal penalties of up to $10,000 and/or 2 years in prison for willful non-compliance or knowingly filing false information. If your existing business hasn't filed and the January 1, 2025 deadline has passed, you should file immediately to limit ongoing penalty exposure.
Can I file the BOI report myself for free?
Yes — FinCEN's e-filing system at boiefiling.fincen.gov is free to use. The challenge is making sure you do it correctly. Common errors include misidentifying beneficial owners, submitting incomplete information, using the wrong ID document type, or incorrectly claiming an exemption. Errors expose you to the same penalties as not filing at all. For most small business owners, having a professional like DLB Consulting Group handle the filing for $199 is a worthwhile investment for the accuracy and peace of mind it provides.
Does my church or nonprofit need to file a BOI report?
It depends on your tax-exempt status. If your church or nonprofit has received an official IRS Determination Letter confirming 501(c)(3) status, your organization is generally exempt from the BOI filing requirement. However, if your organization is incorporated at the state level but has not yet received IRS recognition, you may still be required to file. DLB Consulting Group works extensively with faith-based organizations and can help you determine exactly where you stand.
Ready to Get Compliant? Let DLB Handle It.
The BOI report is a one-time filing that protects your business and keeps you on the right side of federal law. Don't let it hang over your head.
DLB Consulting Group files your BOI report accurately, quickly, and affordably — for just $199.
DLB Consulting Group | Cherry Hill, NJ | dlbconsultinggroup.madethis.ai | dlbconsultinggroupllc@gmail.com
This blog post is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for guidance specific to your situation.