Beneficial Ownership Information (BOI) Report
Resources to Help You Navigate New FinCEN Requirements
Starting on January 1, 2024, millions of entities will be subject to new reporting requirements. The Beneficial Ownership Information (BOI) Report is a non-tax form that entities must file with the Department of Treasury’s Financial Crimes Enforcement Network, or FinCEN.
FinCEN enacted this new rule to combat money laundering and enhance national security by making it harder for criminals to hide behind anonymous shell companies. Unfortunately for many small business owners, that means increased reporting.
More than 6.6 million filings are expected in the first year.
This page contains helpful guidance and resources to help PBMares clients navigate this new requirement.
Does the New Beneficial Ownership Reporting Requirement Apply To You?
We created this flowchart to help you quickly review common exemptions to Beneficial Ownership Reporting. Please consult with your tax advisor before making a final determination.
Frequently Asked Questions – General