01/03/2024
We've been getting loads of messages because of all the videos floating around on social media about BOI (Beneficial Owner Information) reporting that started on 1/1/24.
Here's the scoop: This is a brand-new requirement from FinCEN (Financial Crimes Enforcement Network) meant to help curb bad actors who use shell companies to hide and launder money.
The filing will be asking for detailed information about the business and owning individuals or entities (name, address, social security numbers, valid ID) and will require updates (within 30 days) as ownership or information about the business changes.
New businesses now have 90 days to send in their first filing (versus the earlier rule that required a 30-day rush).
For businesses that are ALREADY in existence, you've got until 1/1/25 to file your first one.
Want to know more? FinCEN has put together a helpful guide for small businesses:https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
