What is a BOI Report?
The Beneficial Ownership Information Report (BOI) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It requires businesses to report BOI to help prevent activities like money laundering, tax evasion, and other financial crimes as well as improving corporate accountability and assist in law enforcement investigations.
Who is the Beneficial Owner?
The beneficial owner is a person who ultimately owns, controls, or benefits from a company, even if they are not listed as the legal owner.
- Ownership: Holding a significant percentage of shares or rights in a company (e.g., 25% or more).
- Control: Having the ability to influence decisions, such as through voting rights or management roles.
About the BOI report:
- Required by the Financial Crimes Enforcement Network (FinCEN)
- Applies to MOST U.S. businesses
- Deadline for filing is January 1st, 2025
- Failure to file can result in penalties of up to $592 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:
- Full legal name
- Date of birth
- Current residential or business address
- Unique identifying number (e.g., passport or driver’s license number)
Do I need to file a BOI?
TAKE THIS QUIZ to find out if you are REQUIRED to file a BOI Report!
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