Important Compliance Update: New Boi Report Requirement for Business Owners in 2024

TLDRStarting from January 1st, 2024, millions of businesses will be required to file a Beneficial Ownership Information (Boi) Report with the Department of Treasury. Failing to comply can lead to severe penalties. However, there are exemptions that may apply.

Key insights

💼Starting from January 1st, 2024, businesses will be required to file a Beneficial Ownership Information (Boi) Report with the Department of Treasury.

⚖️Failing to comply with the Boi Report requirement can result in severe penalties.

📅The filing deadline for the Boi Report depends on when your company was created.

🔍There are exemptions that may apply to certain businesses regarding the Boi Report requirement.

📝Business owners should learn whether their company needs to file a Boi Report.

Q&A

What is the Boi Report?

—The Boi Report refers to the Beneficial Ownership Information Report, which businesses are required to file with the Department of Treasury.

What are the penalties for not filing the Boi Report?

—Failing to comply with the Boi Report requirement can result in severe penalties for businesses.

When is the filing deadline for the Boi Report?

—The filing deadline for the Boi Report depends on when your company was created.

Are there any exemptions from the Boi Report requirement?

—Yes, there are exemptions that may apply to certain businesses regarding the Boi Report requirement.

How can I determine if my company needs to file a Boi Report?

—Business owners should learn whether their company needs to file a Boi Report by checking the relevant regulations and guidelines.

Timestamped Summary

00:01Starting from January 1st, 2024, businesses will be required to file a Beneficial Ownership Information (Boi) Report with the Department of Treasury.

00:03Failing to comply with the Boi Report requirement can result in severe penalties.

00:06The filing deadline for the Boi Report depends on when your company was created.

00:09There are exemptions that may apply to certain businesses regarding the Boi Report requirement.

00:11Business owners should learn whether their company needs to file a Boi Report.

00:14The Boi Report refers to the Beneficial Ownership Information Report, which businesses are required to file with the Department of Treasury.

00:17Failing to comply with the Boi Report requirement can result in severe penalties for businesses.

00:19The filing deadline for the Boi Report depends on when your company was created.

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