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Beneficial Owner Information (BOI) Reporting – What You Need to Know as a Small Business Owner

March 27Business

In 2021, Congress passed the Corporate Transparency Act. As part of this act, a new requirement was created for business owners to report certain information to the U.S. Department of the Treasury. Part of the intent of this act is to make it harder for bad actors to hide or benefit from their ill-gotten gains.

If you have a small business, it is likely that you need to file a Beneficial Owner Information (BOI) report with the U.S. Department of the Treasury. There are some exceptions to which types of entities need to file the BOI, but it is unlikely that a typical small business would fall under any of the exceptions.

The types of information that need to be file include:

  • Company name
  • Any alternate names, such as trade names or “doing business as” names
  • A copy of an ID will need to be uploaded of the person filing the information.
  • All direct and indirect owners of your company, their dates of birth, address, and copies of IDs

There are certain timeframes in which a company needs to file the BOI:

Date Company was Formed Before Jan. 1, 2024 After Jan. 1, 2024 and before Jan. 1, 2025 On or after Jan. 1, 2025
Deadline to file BOI Jan. 1, 2025 90 calendar days after receiving notice of company’s creation or registration 30 calendar days after receiving notice of company’s creation or registration

Finally, a company may face penalties, both civil and criminal, if it fails to comply with this law. Failure to comply with this law could result in civil and criminal penalties. If a company willfully violates the BOI reporting requirements, it may be subject to civil penalties of up to $500 for each day the violation continues. Criminal penalties also exist – up to two years imprisonment and a fine of up to $10,000.00. This penalty is for failure to file, but also filing false information and failure to correct incorrect information.

The easiest way to comply with this law is to let us help you. Please contact us to help you understand if your company is required to file a BOI and let us file it on your behalf.

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