The Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) are back in effect, with a new compliance deadline of March 21, 2025. This extension follows recent legal developments, including the lifting of a previous injunction by a Texas federal judge, allowing the enforcement of the CTA to proceed. 

For most dental practices, BOI filing is straightforward but requires careful attention to detail to ensure accuracy and the protection of sensitive business information. If you choose to handle the filing yourself, the Financial Crimes Enforcement Network (FinCEN) provides a secure and user-friendly electronic filing system on their website. If you would like our help with your filing, reach out as soon as possible so we can get started before the deadline. 

NOTE: Beware of vendors with offers that seem “too good to be true.” Since filing requires you to provide personal data, unscrupulous providers can easily steal your identity, putting your business and personal information at risk.

To assist you in this process, our team at Edwards & Associates offers comprehensive support to ensure your filing is complete, compliant, and stress-free. We stay abreast of the latest regulatory changes and are prepared to guide you through every step of the BOI reporting process.

Key Filing Information:

• New Deadline: March 21, 2025, for most reporting companies.
• Filing Method: Electronically via FinCEN’s E-Filing system. 
• Required Information:
  • For Your Practice: Legal name, any trade names, primary U.S. business address, jurisdiction of formation, and tax identification number.
  • For Each Beneficial Owner and Applicant: Full legal name, birthdate, residential or business address, and a valid identification number (e.g., passport or driver’s license).

Non-compliance can result in significant penalties, including daily fines of $606 and potential criminal charges. To avoid these risks, we recommend addressing your BOI filing obligations right away.

For personalized assistance or to learn more about how we can help manage your BOI filing, please contact us today so we can get started on your filing. 

Note: This information is based on the latest available guidance as of February 20, 2025. For the most current updates, please refer to FinCEN’s website.