BOI Penalties Increased

Beneficial Ownership Information (BOI) for small businesses reporting is back (it had been on hold but the nationwide injunction was lifted). The deadline for most companies that have not yet filed their BOI report is March 21, 2025. The Treasury announced increased penalty amounts, effective January 17, 2025 (but effectively March 21, 2025, for businesses that can use the extended deadline). The penalty amounts reflect cost-of-living adjustments. On February 10, 2025, the House passed the Protect Small Business From Excessive Paperwork Act of 2025, which delays BOI reporting until January 1, 2026. What will the Senate do? And when? #IdeaoftheDay