The Corporate Transparency Act is once again enforceable, and small businesses owners are required by the U.S. Department of the Treasury to submit a Beneficial Ownership Information (BOI) report online by March 21, 2025—or face fines of up to $500/day. There is no charge to submit the report on your own.
Who must report?
Your business may be required to file a BOI report if it is:
a corporation, limited liability company (LLC), or other business entity that is registered with the Illinois Secretary of State’s Department of Business Services; OR
a domestic or foreign corporation, LLC, or other business entity with fewer than 20 U.S. employees and less than $5 million in gross receipts or sales.
Who does not need to report?
FinCEN has provided a list of 23 exemptions that apply. These entities include publicly traded companies, tax-exempt not-for-profits, and certain large operating companies. A full list of exempt companies is available on FinCEN’s FAQ page.
See guidance from State of IL View State of IL Webinar Submit Your BOI Report