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BOI Reporting Exemption for LLCs Formed After March 26, 2025

Summary: This article provides information regarding the exemption status of LLCs from BOI reporting and outlines the compliance requirements for LLCs formed after March 26, 2025.

BOI Reporting Exemption for LLCs

According to recent directives from the federal government, LLCs formed after March 26, 2025, are exempt from filing the Beneficial Ownership Information (BOI) report. If your LLC was established on or after this date, you are not required to submit a BOI report.

Example Case

For instance, GREENSTONE MUSIC LLC was founded in Wyoming on April 11, 2025. As it falls under the category of LLCs formed after the exemption date, it is confirmed that no BOI report is needed for this entity.

Compliance Requirements for LLCs

While the BOI report is not required, there are still compliance obligations that LLCs must fulfill to maintain good standing:

  1. Annual Report:

    • LLCs must file an annual report with the state where they are registered. For GREENSTONE MUSIC LLC, this report is due in April 2026.

  2. Federal IRS Tax Filing:

    • LLCs are required to file federal taxes annually by April 15. This includes completing Form 5472 and Form 1120 if there are reportable transactions.

  3. Foreign Bank Account Reporting (FBAR):

    • If your LLC has foreign bank accounts with a combined value exceeding $10,000 at any time during the calendar year, you must file a Report of Foreign Bank and Financial Accounts (FBAR) using Form 114.

Conclusion

In summary, if your LLC was formed after March 26, 2025, it is exempt from BOI reporting. However, it is essential to comply with the annual report and federal tax filing requirements, as well as any applicable FBAR obligations. For further assistance or clarification regarding compliance, it is advisable to consult with a professional or your accounts team.