01/29/2024
‼️🗣️There’s a lot of posts going around about the beneficial ownership information report (BOI report) that was made available on FINCEN recently.
Here’s some clarification:
If your business was in existence BEFORE 1/1/24, your report is NOT due until 1/1/25.
If your business is formed in 2024 (1/1/24 through 12/31/24), your report is due within 90 days of the business creation. Example: you create a business today, 1/29/24. Your report is due april 28th 2024.
If your business is formed AFTER 2024 (1/1/25 or later), your report is due within 30 days of the business creation. Example: you create a business one year from today, 1/1/25. Your report is due January 31, 2025.
So, even though the report is pretty easy to complete, please don’t feel pressured by all these posts to get it done TODAY. Nobody’s report is due TODAY but keep in mind that if you are required to file a BOI and dont the penalty is $500 per day or jail time!
🚨 ETA: The BOI report is NOT JUST FOR LLCs. It’s for any businesses that are created by registering with the Secretary of State, which includes corporations and certain partnerships. If you are claiming self employment on your tax return your tax preparer should be advising you of this!
https://boiefiling.fincen.gov