The deadline for businesses to file a Beneficial Ownership Report (BOI) is approaching. Failure to do so could cost business owners thousands of dollars.
The deadline breakdown business owners should know is as follows:
Companies created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
Companies created or registered before January 1, 2024, have until January 1, 2025, to file.
Companies created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
According to the U.S. Chamber of Commerce, corporate transparency reports must include any beneficial owners’ full legal name, date of birth, home address, and a photocopy of their U.S. driver’s license or passport.
Small business owners should include the company’s full legal name, the company’s business address, the state or tribal jurisdiction where the company was formed or first registered, and the taxpayer identification number and identity documents such as a filed Articles of Incorporation or Organization.
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Not Filing A Beneficial Ownership Report Could Cost Thousands
Small business owner? Your company may need to comply with a new federal filing requirement. Learn more about beneficial ownership reporting: https://t.co/8KJSDxZ5ZY pic.twitter.com/mh6dFKcULF— FNB Community Bank (@FNBMWC) October 8, 2024
Source: Black Enterprise