BOI Report (Beneficial Ownership Information Report)

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Understanding the BOI Report: What You Need to Know

Hello, everyone! This is Waqar from Akif CPA, and today we’re diving into the Beneficial Ownership Information (BOI) report—what it is, who needs to file it, and the potential consequences of non-compliance.

What is the BOI Report?

The BOI report is a requirement introduced by the U.S. federal government to disclose ownership information of certain business entities. The goal is to increase transparency by identifying the individuals who own or control businesses in the United States.

Who Needs to File?

Starting January 1, 2024, specific U.S. businesses are required to file the BOI report. This includes entities such as:

Limited Liability Companies (LLCs)
Corporations
Other entities registered with the Secretary of State

Failure to comply with this requirement can result in substantial penalties.

Penalties for Non-Compliance

Businesses that fail to file the BOI report on time may face fines of $500 per day until the filing is completed.

Filing Deadlines

The deadline to file the BOI report depends on when your business was registered:

Businesses Registered Before January 1, 2024
You have until January 1, 2025, to file the BOI report.
Businesses Registered After January 1, 2024
You must file the BOI report within 90 days of registration during 2024.

Starting in 2025, the filing window will be reduced to just 30 days from the date of registration.

Need Help Filing?

If you’re unsure how to file your BOI report, feel free to reach out for assistance. We at QC PA are here to help! Contact us at 713-451-97XX for guidance.

Ensuring compliance with the BOI report requirements is critical to avoiding fines and staying in good standing with federal regulations. Don’t hesitate to reach out for help if you have any questions.

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Me and my husband have been getting all of our personal Taxes, business Taxes, monthly bookkeeping, accounting and payroll done with AKIF CPA. Recently, we had more stuff come up and had detailed analysis done on capital gains, single family rentals (SFR) and business disposition. You will only know how great this CPA company is until you have worked with them and given them a chance. Words can’t describe our experience. AKIF CPA gets the job done every time - very reliable, professional and affordable.

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01:59 20 Apr 21

I relocated to Texas from Alberta, Canada and needed a CPA to help me with my cross-border taxes as I was not happy with the CPA that I used previously. During my interviewing process to find another CPA, I had good feedback from Mohammad as he was able to answer my questions regarding my unique tax situation with expertise, and importantly to me, in a timely manner. I decided to use his services for the current tax year and I have nothing but compliments for the work Mohammad provided. If you are in need of a professional cross-border CPA, I highly recommend reaching out to Mohammad Akif.

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BOI Report (Beneficial Ownership Information Report)

Understanding the BOI Report: What You Need to Know

What is the BOI Report?

Who Needs to File?

Penalties for Non-Compliance

Filing Deadlines

Need Help Filing?

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