E208: New Reporting Requirement for Small Businesses (BOI)
Released Wednesday, 17th January 2024
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E208: New Reporting Requirement for Small Businesses (BOI)
E208: New Reporting Requirement for Small Businesses (BOI)
Wednesday, 17th January 2024
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Starting January 1st, 2024, a crucial new requirement for LLCs and most small businesses involves reporting Beneficial Ownership Information (BOI) to FinCEN (The Financial Crimes Enforcement Network). Ignoring this requirement could lead to severe consequences, including substantial fines and imprisonment.
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