What is Beneficial Ownership Information (BOI)?

The BOI reporting requirement is a new mandate set to take effect in 2024. It aims to enhance transparency in business ownership and control, by requiring companies to report details about their beneficial owners. A beneficial owner is defined as any individual who, directly or indirectly, exercises control over the reporting company, or owns or controls at least 25% of the company’s ownership interests.

What Information Will You Need to Provide?

To comply with the BOI reporting, you’ll need to gather and submit the following information for each beneficial owner:

• Legal name
• Birth date
• Home address
• Identifying numbers (from licenses, state IDs, or passports)
• An image of the associated identifying document

For your company, you must provide:

• Legal name and any d/b/a (doing business as) names
• Jurisdiction information
• Taxpayer identification number

If a beneficial owner or the company has a FinCEN identifier, this can be provided instead of the detailed information listed above.

When is the Filing Due?

For existing companies , the filing period is from January 2024 to January 2025. Most corporations (S corp and C corp) and limited liability companies (LLC) are required to comply, unless exempted. You can check for exemptions here.

New companies must file within 90 days of their formation. Additionally, any changes to the reported information, such as a new address or name change, require an update to the report.

Why is This Important for Your Business?

The introduction of the BOI reporting requirement underscores the increasing emphasis on transparency and accountability in business operations. Compliance is not only mandatory but serves as a step towards fostering trust and integrity within the business environment. It's important for local business owners to understand these changes and prepare accordingly to ensure smooth operations.

How Can I Help?

Understanding and navigating new regulations can be challenging. As a dedicated CPA with a focus on serving local businesses, I am here to help you understand the BOI reporting requirements and assist with your reporting needs after tax season. My goal is to make this transition as seamless as possible for you and your business.

Ready to Get Started?

If you have questions or need assistance with your BOI filing, don't hesitate to reach out. Together, we can ensure that your business complies with these new requirements efficiently and effectively. Contact Ryan J. Bourlier, CPA, today for guidance and support tailored to your business needs. Let's navigate the future of business compliance together.