Hongda & Gil Tax Services

What is Beneficial Ownership Information (BOI)?

Beneficial Ownership refers to the individuals who directly or indirectly own or control a business entity. The BOI requirements mandate that certain entities disclose information about their beneficial owners to government authorities. This information is used to prevent illicit activities such as money laundering, tax evasion, and financing of terrorism.

Who is Required to Report?

The BOI reporting requirements typically apply to:

• Corporations

• Limited Liability Companies (LLCs)

• Partnerships

• Trusts and Other Legal Entities

 

What Information Needs to Be Reported?

The information that must be reported includes:

1. Full Legal Name of the beneficial owners.

2. Date of Birth of each beneficial owner.

3. Residential or Business Address of the beneficial owners.

4. Identification Number (such as Social Security Number or Passport Number) of each beneficial owner.

 

When is the Reporting Deadline?

12/31 for 2024

04/15 after 2024

 

Consequences of Non-Compliance

Failure to comply with BOI reporting requirements can result in significant penalties, including:

• Fines: Non-compliance can lead to substantial financial penalties.

• Criminal Charges: In some cases, failure to report can result in criminal charges.

• Reputational Damage: Non-compliance can harm your business's reputation and lead to loss of trust among clients and partners.

How to Report?

Please visit: https://boiefiling.fincen.gov/fileboir

And File Online BOIR directly

Or you can hire us to do it. Our service fee is $50.