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Beneficial ownership information (BOI) reporting is required for most businesses in 2024. It’s part of the US government’s efforts to make it harder for criminals to hide through shell companies or other opaque ownership structures.
How to Report
Reporting is done through the BOI E-Filing website, which opened January 1, 2024. Companies in existence before 2024 will have until January 1, 2025 to file their initial BOI report. New companies created or registered in 2024 will have 90 calendar days to file after receiving notice that their creation or registration is effective. Companies created or registered on or after January 1, 2025, will have 30 calendar days in which to file after receiving notice that their creation or registration is effective.
When to Report
The deadline for 2024 reporting is January 1, 2025.
What to Report
The filing involves information that company owners should already have readily available:
- The company’s legal name as well as any trade name or DBA names
- Current street address
- Jurisdiction of formation or registration
- Taxpayer ID number
- Ownership information for each owner:
- Name
- Date of birth
- Residential address
- Identifying number from passport or US drivers license along with the issuing jurisdiction
Once a company has completed the initial BOI reporting, there is no annual reporting requirement; however, companies must file updated or corrected BOI reports as needed.
FAQs about BOI reporting can be found by clicking here.