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Attention Social Workers in Private Practice: Beneficial Ownership Information Report Deadline Approaching

Denise Johnson, LCSW-C, Senior Practice Associate

The National Association of Social Workers is issuing a reminder that the deadline to submit the Beneficial Ownership Information (BOI) Report is approaching. Social workers in solo or group private practice must comply with the Corporate Transparency Act (CTA) by filing a BOI with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This applies to entities like LLCs, PLLCs, and S-Corps.

Intentional failure to file, update, or correct a Beneficial Ownership Information (BOI) report may lead to civil penalties of up to $500 per day for each day the violation continues, as well as criminal penalties that could include up to two years in prison and/or fines of up to $10,000.

The deadline to report BOI depends on the date of company formation:

  • Companies created before January 1, 2024, must file BOI by January 1, 2025.
  • Companies created on or after January 1, 2024, must file BOI within 90 calendar days of receiving notice of the company’s registration. 
  • Companies created on or after January 1, 2025, must file BOI within 30 calendar days of receiving notice of the company’s registration.

For more details such as exemptions to the CTA, please see the March 2024 NASW Legal Issue of the Month article Corporate Transparency Act.