E208: New Reporting Requirement for Small Businesses (BOI)
January 17, 2024
Starting January 1st, 2024, a crucial new requirement for LLCs and most small businesses involves reporting Beneficial Ownership Information (BOI) to FinCEN (The Financial Crimes Enforcement Network). Ignoring this requirement could lead to severe consequences, including substantial fines and imprisonment.
New Reporting Requirement for Small Businesses (BOI)
[Prefer to read? You can find an article version of this episode here: New Reporting Requirement for Small Businesses (BOI)]
Starting January 1st, 2024, a crucial new requirement for LLCs and most small businesses involves reporting Beneficial Ownership Information (BOI) to FinCEN (The Financial Crimes Enforcement Network). Ignoring this requirement could lead to severe consequences, including substantial fines and imprisonment.
Intro/outtro music credit: eccentric - I Can Show You [Argofox Release] by Argofox