The Financial Crimes Enforcement Network (FinCEN) has introduced Beneficial Ownership Information (BOI) reporting. In plain English? It’s a new federal requirement to report who owns and controls your business.
Does this apply to me?
If you are a SOLEPROPRIETOR, this does not apply to you.
If you are:
LLC
Corporation
Limited Liability Partnership
Or other such entity.
You will likely need to file.
Large Business Exemption
You must answer YES to ALL of the following:
20+ Employees based in the US (W-2, 1099 does not count)
Had $5 Million in gross revenue last year
Filed Federal taxes last year for this company
US based office
Corporation, LLC, or other such entity
Common question: I started my company in 2024 and meet all these except filing taxes, do I need to file?
YES, there is no exception to these requirements. The law states businesses on or after Jan 1st, 2024 must file BOI within 90 days of starting business.
Only 24 days until Federal Deadline
20-Minutes Live Training
100% Free
Includes Filing Checklist
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