What is BOI?
The United States Department of the Treasury has created a requirement that business owners must report Beneficial Ownership Information, or BOI. 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 small 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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