Recently, several legal cases have challenged the Corporate Transparency Act (CTA), which created BOI and BOIR. Additionally, the current administration has stated the regulations will be updated and modified. As of 3/21/25, FinCEN announced that all entities created in the United States are exempt from BOI and BOIR. This situation is changing rapidly and Day Traders Taxes will stay abreast of the latest regulations and help our clients to always be in compliance with laws and regulations. With the current regulation, Day Traders Taxes will not file BOI reports unless a client requests otherwise. Entities outside the United States should still file BOI reports. The latest information from FinCEN can be read here.

What is BOI?

The United States Department of the Treasury has created a requirement that business owners must report Beneficial Ownership Information, or BOI. A BOI report is called a BOIR. This is not an annual report. A report only needs to be submitted once, unless information changes. Then you must file an updated report.

When will BOI start?

The new reporting rules became effective January 1, 2024. Companies doing business before January 1, 2024 have until January 1, 2025 to submit their report. Companies created during 2024 have 90 calendar days to file their report.

Why was BOI created?

FinCEN created BOI reporting (also called BOIR) to help protect the US financial system from illicit use and provide essential information to law enforcement.

What do I need to do?

Nearly all foreign business owners need to complete BOIR in 2024! Companies doing business before January 1, 2024 have until January 1, 2025 to submit their report. Companies created during 2024 have 90 calendar days to file their report.

Can Day Traders Taxes help me?

Yes! Day Traders Taxes will help you complete your BOIR!

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