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Beneficial Ownership Information Report

There has been a buzz in the small business community about a filing that all small businesses must complete. It is called the BOI report better known as Beneficial Ownership Information report. I heard about the BOI report on social media, and decided to do my own research to determine whether or not this was some sort of scam to get my information. I was a bit hesitant at first, because I thought at least I would receive formal notification regarding this filing. Well, it is not a scam and there is a deadline to complete the report. But first, let's get into why you need to file the report.

The Corporate Transparency Act (CTA) went into effect in January 2024. According to uschamber.com, the CTA aims to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. Under the new legislation, businesses that meet certain criteria must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), providing details identifying individuals who are associated with the reporting company.

Here is a list of who needs to file the BOI report:

  1. Corporations: Including both C corporations and S corporations.

  2. Limited Liability Companies (LLCs): Unless they fall into one of the exemption categories.

  3. Partnerships: This includes general partnerships, limited partnerships, and limited liability partnerships.

  4. Business Trusts.

  5. Other Similar Entities: Such as associations, joint-stock companies, and similar structures. If you started your small business before January 1, 2024, you have UNTIL January 1, 2025 to complete the BOI filing. However, businesses started on January 1, 2024 and after have 90 days to complete the filing. Businesses starting January 1, 2025 and after have 30 days to file the BOI report. You can file your BOI report here at United States Department of the Treasury Financial Crimes Enforcement Network | FinCEN.gov

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