The US Department of Treasury has set March 21, 2025 as the deadline for BOI reporting. We expect more shifts in the deadline, but the writing on the wall is: BOI is here to stay. Our expectation is that Congress approves an extension of the deadline to file.

Sure, with all the back-and-forth, it is plausible that this legislation will be reverted again, and the legal cases will continue; however, the Supreme Court appears very much in favor of this new legislation, and the new Secretary of Treasury has come out in favor of the BOI reporting.

We recommend that you use a service to help you file for your BOI to maintain compliance not just now but in the future. Here’s why:

The Financial Stakes

Immediate Cost Implications

• $591 daily penalties for non-compliance

• Potential for multiple violations

• No grace period after deadline

• Penalties accumulate automatically

Consider this: Just one week of non-compliance could result in over $4,000 in penalties.

Future Requirements

• Annual updates required

• Changes must be reported within 30 days

• Additional regulations likely

• Expanding compliance framework

If You Haven't Filed Yet:

• You have until March 21, 2025, to submit your BOI report

• Non-compliance penalties begin immediately after deadline

• Nearly all small businesses must file

• Very few exemptions apply

Don't let the March 21 deadline catch you unprepared. Contact Bridge to BOI today to ensure your business is ready for this new regulatory landscape.