Alright y’all, if you own a business, the BOI report is something you need to handle by January 1, 2025! This report is now required by FinCEN for most businesses, especially LLCs and corporations. It’s all about revealing who’s really calling the shots (anyone who owns or controls at least 25%)!
Who Needs to File?
You do, if your business is registered in the U.S. And yes, this includes small businesses too!
You’ll need to submit info on your company’s beneficial owners: their name, address, date of birth, and ID info.
Avoid Penalties!
Now, here’s the thing: if you don’t file this report, you could face penalties. I’m talking $500 a day if you miss the deadline. That could climb to $10,000, plus criminal charges for fraudulent reporting.
How to Submit
It’s simple:
- Head to FinCEN’s site, create your account before January 1, 2025
- Fill in your company and ownership details.
- Submit that report online!
Now you know what I know!
Make sure your biz is on top of it! Avoid those fines and stay compliant.