The IRS requires beneficial ownership reporting for LLCs and corporations, with penalties up to $10,000 and possible two-year imprisonment for missing the deadline. File by March 23, 2024 if your entity existed before then, or within 30 days of formation if created in 2025 or later. Banks, nonprofits, and publicly-traded companies are exempt.
$10,000. That's what the government can charge you if you don't do your BOI filing. And honestly, they can actually put you in jail for up to 2 years. BOI stands for Beneficial Ownership Information, and it's basically a report that you're sending off that says, here's my business information and here's my personal information. So who needs to report? If you are a business owner that has an entity, LLCs, corporations, you need to file this. For businesses created in or before 2024, the deadline to file is March 23rd. If you create a new entity in 2025 or later, you have 30 days. Some businesses are exempt from this, uh, really large corporations, nonprofits, publicly traded companies, and then other companies who are already in a really heavily regulated area like banks and insurance companies, those types of things.
