U.S. LLC’s - by January 1, 2025 - Beneficial Ownership Information (BOI)
UPDATE: NFIB blocks beneficial ownership reps https://www.nfib.com/news-article/nfib-prevails-in-blocking-burdensome-beneficial-ownership-requirements-for-small-businesses/ https://www.taxpayeradvocate.irs.gov/news/tax-news/january-1-deadline-approaching-for-reporting-beneficial-ownership-information/2024/10/ Definition — The Beneficial Ownership Information (BOI) report is a requirement under the Corporate Transparency Act (CTA) for companies to disclose information about individuals who own or control them. Who Must File — Most U.S. businesses and foreign businesses registered in the U.S. must file, except for 23 exempt categories like publicly traded companies and certain large entities. Deadlines — Companies created before January 1, 2024, must file by January 1, 2025. Newer companies have 90 days to file, and those registered after January 1, 2025, have 30 days. Information Required — Companies must provide their legal name, address, and taxpayer ID, while beneficial owners must provide their name, birth date, address, and ID number. Penalties — Failure to file can result in civil penalties of $500 per day and criminal penalties up to $10,000 and/or two years in prison. Where to file: https://www.ilsos.gov/departments/business_services/boireport.html