051 Understanding BOI Requirements: What Small Business Owners Need to Know

By January 1st 2025 businesses need to submit their Beneficial Ownership Information in the form of a BOI report. This is part of an anti-money laundering effort by the Federal Crime Enforcement Network (FinCEN). Listen in to hear how this applies to you and whether you need to submit a BOI for your business. Basically businesses that are sole proprietorships do not need to file a BOI and businesses that are LLCs or S-corporations do need to file a BOI. Businesses that don't comply by January 1st 2025 are potentially subject to penalties. You'll need to provide the name, address, date of birth, and social security number or other identification of those with beneficial ownership of your business. Check to see if you need to comply with BOI requirements and seek professional guidance if you're still not sure https://fincen.gov/.   Here are the ways we can connect: Reach me: https://erikamillard.com/contact Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks   Don't forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist      Happy Bookkeeping!