10/07/2024
THE DEADLINE FOR THE BOI REPORT IS COMING UP!
Not sure what that means or if it applies to you? Here's what you need to know:
WHAT IS THE BENEFICIAL OWNERSHIP INFORMATION REPORT (BOI) AND WHY DOES IT MATTER?
If you’ve never heard of the Beneficial Ownership Information (BOI) report, that’s okay! It’s a new requirement for most small businesses, and it’s here to help make things more transparent. In short, the government wants to know who really owns and controls certain businesses to prevent shady activity, like money laundering or tax evasion.
WHY SHOULD YOU CARE?
If you own a small business, LLC, or corporation in the U.S., you’ll likely need to file this report. The government is asking for two key pieces of information:
1) Who owns 25% or more of your business
2) Who’s in charge of making the big decisions
IMPORTANT DEADLINES
Deadlines are coming up! Here’s what you need to know:
For businesses created before January 1, 2024: You need to file the BOI report by January 1, 2025.
For businesses created after January 1, 2024: You’ll have 30 days from the day you form your business to submit the report.
WHAT HAPPENS IF YOU DON'T FILE?
Missing the deadline can lead to fines and other penalties, so it’s important to take action.
If this feels overwhelming, don’t worry—we can help you file on time and avoid any issues. Reach out, and we’ll guide you through the process!
www.mytaxnerds.com - 417-883-8800