1 min read

Beneficial Ownership Information (BOI) Reporting Update

Beneficial Ownership Information (BOI) Reporting Update

As we close Q1 we wanted to provide an update on this new reporting requirement as required by FINRA.

Recently, a federal district court in Alabama ruled that the Corporate Transparency Act is unconstitutional. While this could be a sign for the future of this act, this ruling only affects the involved plaintiffs – not all businesses that have this requirement. The Department of Justice has already appealed the decision.

What does this mean for me?

Our position on this program hasn’t changed. We still recommend that you wait until Q3 to address reporting requirements for entities established before January 1st, 2024. The filing deadline for those entities is 1/1/2025.

If you established a new entity this year, you have 90 days to file your report with FinCEN—so new businesses, don't delay.

What is BOI reporting?

Want a more in-depth look at BOI? We discussed BOI in detail in our blog Demystifying BOI: A Guide to Beneficial Ownership Information Reporting, as well as in this video

At Kaizen, we are developing a soon-to-be-released program to help our clients with BOI reporting. If you're looking for help and guidance with accounting for your business, please click the 'Let's Chat' button below and let's see if we're a good fit for your business.

Demystifying BOI: Guide to Beneficial Ownership Information Reporting

Demystifying BOI: Guide to Beneficial Ownership Information Reporting

Many small business owners may feel overwhelmed at the thought of yet another reporting requirement. However, BOI, or beneficial ownership reporting...

Creating a foundation for small business growth

Creating a foundation for small business growth

Growth is probably one of your goals this year for your small business – and if it isn’t, it should be. That said, not all growth is created equal....

Year End Staff Planning for Small Business Growth

Year End Staff Planning for Small Business Growth

This is part II in our series on how to create meaningful year-end planning for your small business. This week’s focus? How to plan for staffing...