Quickly report your BOI to avoid a $500/day civil fine
Ensure your business is covered under the new Corporate Transparency Act by submitting a mandatory report.
Full-service filing cost: $200
Update: February 28, 2025
In a major development, FinCEN has announced that it will not issue fines, penalties, or take enforcement action against companies that fail to meet current Beneficial Ownership Information (BOI) reporting deadlines under the Corporate Transparency Act (CTA).
https://www.fincen.gov/news/news-releases/fincen-not-issuing-fines-or-penalties-connection-beneficial-ownership
This means that while BOI reporting requirements remain in place, no company will face penalties for noncompliance until further notice.
Key Takeaways from FinCEN’s Announcement- No Fines or Enforcement Actions for Missed Deadlines – Companies will not be penalized for failing to file or update BOI reports until a forthcoming interim final rule establishes new deadlines.
- Interim Final Rule Expected by March 21, 2025 – FinCEN will issue a new rule to extend BOI reporting deadlines and provide clarity on compliance obligations.
- Public Comment Period on BOI Reporting Requirements – FinCEN plans to solicit input on potential changes to BOI reporting requirements, particularly regarding how to reduce the burden on small businesses while maintaining effective law enforcement and national security oversight.
Our Recommendation: Stay tuned for an update on requirements for small businesses moving forward. Novae will not offer the BOI filing service again until it is required by the government or we deem it is imminent.
Novae is a fintech company that provides greater access to credit, capital, and entrepreneurship for consumers and small businesses nationwide, with a particular interest in empowering underserved communities, driving financial inclusion! Founded in 2014, we serve clients across all 50 states, including Puerto Rico.
Novae, LLC
1506 Klondike Road Ste 403
Conyers, GA 30094
Phone: (678) 750-3787
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
1506 Klondike Road Ste 403
Conyers, GA 30094
Phone: (678) 750-3787
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
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Novae is a fintech company that provides greater access to credit, capital, and entrepreneurship for consumers and small businesses nationwide, with a particular interest in empowering underserved communities, driving financial inclusion! Founded in 2014, we serve clients across all 50 states, including Puerto Rico.
Novae, LLC
1506 Klondike Road Ste 403
Conyers, GA 30094
Phone: (678) 750-3787
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
1506 Klondike Road Ste 403
Conyers, GA 30094
Phone: (678) 750-3787
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.