What is a BOI?
BOI is an acronym for Beneficial Ownership Information. This information is required from every individual business entity from U.S Department of Treasury, the Financial Crimes Enforcement Network.
Who needs to worry about a BOI?
If you own a business with its own Tax ID Number (also called an Employer ID number or EIN) you are required to submit Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network by December 31st, 2024.
How do I complete a BOI?
To complete the filing please log in to [fincen.gov/boi] fincen.gov/boi with the following information about the business:
Name
Address
Tax ID Number (EIN)
You will also need the following information about each owner:
Name
Birthdate
Address
Copy of passport or driver’s license
Important:
This requirement is coming from the Financial Crimes Enforcement Network (FINCEN). They are allowed to enforce with fee penalties. That penalty may be as high as $500 per day after Dec. 31st 2024. Please do not delay!
The process is a couple of short segments to fill out. It does not require in depth documentation of any kind, and should not be a laborious or lengthy process, especially if you have the information listed above on hand. Click the links above and finish the task before it gets forgotten.
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