Beneficial Ownership Information Report or BOIR is the latest governmental requirement impacting all business owners. For us small business owners, this is a very easy compliance step that is now required by the FinCEN arm of the US Treasury. In my experience, if you are a Sole Proprietor or a Single-Member LLC, you can access the FinCEN reporting tool at the below site, complete the required PDF, validate the data, save, and upload back to the FinCEN site in a matter of minutes.
If your ownership structure is more complicated, with other investor owners, your filing will likely require some additional information and coordination with your fellow owners.
For existing businesses formed prior to January 1, 2024, your deadline to comply with BOIR is January 1, 2025, however, I highly recommend you put this behind you and file as soon as possible. If you are starting a business after January 1, 2024, your filing deadline is much sooner, as filing is required within 90 days of the effective date of your business registration.
For more information, or to begin your filing, go directly to BOI E-FILING (fincen.gov). As a small business owner, you may be contacted by other organizations offering to assist you with this filing, however, if you are a sole owner of your business, the filing process is pretty painless, so don't let someone convince you to pay a couple hundred dollars for something that you can complete in a matter of minutes.
If you have questions about my experience with completing my business BOIR, feel free to contact me today.
~Joe Gregor
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