Core+ Tax Strategies is Now Plains Tax Strategies – Same Experienced Team!


As of Jan. 1, 2024, submitting a BOI report for your business is a new, one-time requirement that affects most small business owners in the U.S.

The requirement, part of the Corporate Transparency Act, applies to most LLCs, partnerships, and corporations in the U.S., with a few exemptions.

Keep reading for everything you need to know about filing.

Who Needs to Submit a BOI Report, and What’s the Deadline? 

If you’re a small business owner whose company was formed prior to Jan. 1, 2024, you’ll need to submit a BOI report by Jan. 1, 2025.

If you’re a newly registered company, or plan to create a new business entity in 2024, you have 90 days to submit your BOI report. The 90-day deadline begins after your paperwork has been filed with the secretary of state, and you receive notice that the company’s registration is effective.

There are some exemptions to the BOI requirement, available to view on the FinCEN website.

What’s Included in the BOI Report?

Beneficial ownership information reporting applies to anyone who owns or controls at least 25 percent of a company. This information includes the following:

  1. Name
  2. Date of Birth
  3. Address
  4. Identifying number and issue from a current U.S. driver’s license, passport, or ID issued by a State, local government, or Indian tribe. 

Additionally, basic details about the company—including its name and address—will also need to be submitted in the report.

Any changes to the BOI report, such as new or additional business partners, must be submitted within 30 days.

How Do I Submit a BOI Report?

As of Jan. 1, 2024, the U..S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) launched its online registry for companies to file Beneficial Ownership Information (BOI) reports. Head to the website to get started.