Starting January 1, 2024, most small businesses will have to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network.
What is the BOI report? It is a report that discloses the identities of certain business owners as required by the Corporate Transparency Act.
What is my deadline? Did you form your business…
Before January 1, 2024? Your deadline to file your first BOI report is Jan 1, 2025.
After January 1, 2024? Your deadline to file your first BOI report is 90 days after the date of formation.
After January 1, 2025? Your deadline to file your first BOI report is 30 days after the date of formation.
If you made a mistake on your BOI report after submitting it, you have 90 days to correct it. Details.
Do I have to file a BOI report? Do you remember paying a filing fee and/or formation fee when you set up your business? Is your business for profit? If you answered yes to both questions, there is a good chance you will file a BOI report.
The only situation where you don’t have to a file a report is if you are a Large Operating Company, meaning:
Your business has more than 20 full-time employees in the United States
Your business has more than $5 million of gross income as shown on a federal income or information tax return for the previous year
If you are unsure whether you need to file this report or not, please do not hesitate to contact any of our advisors! We are here to help.
Is there a filing fee? No, you do not have to pay to file the BOI Report. Yay!
How do I file the BOI report? Click here to go to the BOI filing website. The link below guides you through the BOI report with screenshots.
BOI Report Instructions with Screenshots
How often do I have to file BOI reports? You only need to file BOI reports again if:
Wellness Fi can BOI reports on your behalf. We’re happy to help. Feel free to reach out to your advisor or any member of the team!
