Do you need to file a BOI report? If you own a small business, the answer is most likely, YES!
Tens of millions of small businesses (with 20 or fewer full-time employees and $5 million or less in gross receipts or sales) meet the criteria and, therefore, must submit a BOI Report.
Read the in-depth details in a past blog post "BOI Report Requirements: New 2024 Businesses and Rentals" and for direct-from-the-source details download this BOI report FAQs document from https://www.fincen.gov/boi-faqs.
From your tax experts at Ken-Mar Tax:
BOI Reporting – Take This Seriously
- Who needs to file a BOI report? Anyone who has registered a business or rental entity with any Secretary of State. See “Determine Whether the Entity Is a Reporting Company” in previous article.
- When is the due date? Entities that were in existence before 1/1/2024 have until 12/31/2024 to file their initial BOI report. Any new entities registered after 1/1/2024 must file their initial report within 90 days.
- Will Ken Mar Tax be filing for me? No. This is a legal form that you will either need to complete yourself or with an attorney. We do have referral options if you’d like one.
What if I Don't File a BOI Report?
Consequences for Non-Compliance
First, there are civil penalties of up to $500 for each day that a violation continues.
Second, there are also potential criminal penalties—a fine of not more than $10,000 and imprisonment for up to two years for any person who willfully:
• provides, or attempts to provide, false or fraudulent beneficial ownership information, or
• fails to report complete or updated beneficial ownership information to FinCEN.
How do I File a BOI Report?
There is no fee to file BOI directly with FinCEN. You can use the BOI E-Filing System by visiting the Financial Crimes Enforcement Network (FinCEN) website to begin your BOI report.
Beware of scams. This is very personal information that you don't want in the hands of internet scammers. Be sure you are on a US Government website when filing your BOI report. An official website of the US Government will always end in .gov.
BOI Reporting Help & Resources
- Beneficial Ownership Information Report (BOIR) Filing Instructions
- PDF BOIR Filing Method: Quick Reference Guide
- PDF BOIR Filing Method: Step-by-Step Instructions
- Online BOIR Filing Method: Quick Reference Guide
- Online BOIR Filing Method: Step-by-Step Instructions
Other Related Posts from Ken Mar Tax:
BOI Report Requirements: New 2024 Businesses and Rentals
BOI Reporting Deemed Unconstitutional for Some
