Deadline is Looming to File Required BOI Form
Do you own a business or entity such as a Limited Liability Company (LLC)? If so, the deadline is swiftly approaching to file a Beneficial Ownership Information (BOI) form with the federal government. Here’s some more information:
What is the BOI reporting requirement and why does it exist?
The BOI reporting requirement is part of the Corporate Transparency Act, an anti-money laundering initiative. It mandates that a report with owner information be submitted for all businesses in existence in the United States starting in January 2024.
What is a Beneficial Owner?
An individual is considered a beneficial owner if they directly or indirectly have a significant ownership stake in the company: either owns 25% or more of the company’s shares, has a major influence on the company’s decisions or operations, or has a similar level of control over the company’s equity.
What is the deadline for the BOI form to be submitted?
The BOI form must be submitted by 12/31/24 if your business was in existence prior to January 1, 2024. If the business was created between 1/1/24 and 1/1/25, you have 90 days from the notice of formation or public announcement, whichever comes first. Businesses established after 1/1/2025 will have 30 days to submit the form.
What information must be reported?
Companies must provide their legal name and trademark, current address, taxpayer identification number, and specify the jurisdiction where they were formed or registered.
Does the BOI form need to be filled out every year?
No, however, there are requirements to update the BOI when certain things change, such as: address, name change, or operational changes.
Where can I find more information?
You can get information on filing, qualifying for an exemption, and more information on the Financial Crimes Enforcement Network’s Beneficial Ownership Information page. You may also e-file your BOI on the same site.
Time is running out, so don’t forget to submit your BOI form as soon as possible! We highly recommend that you reach out to your accountant or registered agent for assistance with all required filings or for a recommendation of a service company that can handle the filing for you. We will not be handling BOI filings.
If we can be of assistance to you, please reach out. We are only a phone call or email away.
