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Professional Courtesy: Don’t Miss This Deadline! by Dr. Thomas Giacobbi

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Professional Courtesy: Don’t Miss This Deadline!


by Thomas Giacobbi, DDS, FAGD, editorial director

This month I’m writing a public service announcement to remind you of an upcoming deadline for compliance with the expanded Beneficial Ownership Information (BOI) reporting requirements. My accountant told me about this a few months ago. I recently found the information which I had yet to complete sitting on my desk. If you are in the same boat, I want to make sure you get this done before the deadline. The good news is this will take you about 15 minutes to complete, and you will avoid the potential fines for non-compliance.


Who is affected?
If your dental practice operates as a corporation, limited liability company (LLC), or any legal entity created by filing documents with a state or tribal government, you’re required to file a BOI report. The purpose of this rule is to prevent illegal financial activities by clarifying who owns and controls these entities. Most dental practices, structured as either LLCs or corporations, fall under these regulations. Certain large organizations, such as those with more than 20 full-time employees and annual revenues exceeding $5 million, may be exempt, but most private dental practices are not.


What information needs to be reported?
As a practice owner, you’ll need to submit information about your business and its “beneficial owners,” i.e., those who own or control 25% or more of the entity. Beneficial owners of dental practices can include co-owners, senior dentists, or even investors.

For each beneficial owner, the following details are required:
  • Full legal name.
  • Date of birth.
  • Residential or business address.
  • A unique identification number, such as a driver’s license or passport number. A copy of this document must also be uploaded for proof of identity.
You’ll also need to provide the entity information:
  • Name of the dental practice.
  • Business address.
  • EIN (Employer Identification Number).

How to submit your BOI report
Your BOI report must be submitted online via the Financial Crimes Enforcement Network portal. You can visit the following website for more details and the portal for filing: boifiling.fincen.gov.

Deadlines: If your practice is newly formed, the report must be filed within 30 days of formation. Existing practices have until Jan. 1, 2025, to submit their reports.

After filing, remember to update the report within 30 days if there are changes to the beneficial ownership, such as bringing on a new partner or co-owner.


Penalties for non-compliance
Failing to comply with BOI reporting requirements can lead to significant penalties, which no dental practice owner wants to face. Here’s what happens if you don’t file:
  • Civil penalties: Fines of up to $500 per day for every day the report is late.
  • Criminal penalties: If non-compliance is willful or if false information is submitted, you could face fines up to $10,000, imprisonment for up to two years, or both.

Why dental practices should care
You may wonder why this is relevant to a small, private dental practice. The BOI rule isn’t just for large corporations—it’s designed to track the ownership of all entities, big and small, including health care providers like dentists.

A recent article in the Wall Street Journal told the story of a dentist in Colorado who has been indicted on six criminal counts for using an “abusive-trust tax shelter” to conceal more than $3.5 million of income from 2017–2022. This is a good example of why the government seeks more transparency in the structures of small business entities.

If you have any questions or a topic you would like covered in a future issue, please send me an email to tom@dentaltown.com.
Dentaltown Magazine
September 2025
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