The beneficial ownership information (BOI) reporting requirement requires small businesses including small CPA firms to report information on the “owner” of an entity beginning in 2024.
Existing small businesses, formed before December 31, 2023, have one year to file — the filing deadline for these small businesses is January 1, 2025. Small businesses formed in 2024 have 90 days to file, and those formed after 2024 or those making corrections/changes to their filing must do so within 30 days.
The U.S. House of Representatives passed H.R.5119, Protect Small Business and Prevent Illicit Financial Activity Act, providing a one-year delay to the start of the rule. This will provide additional time for small businesses to learn and better understand their new reporting requirements.
Download the message template below and reach out to your U.S. senators to pass H.R. 5119.
Related resources
Beneficial ownership information (BOI) reporting resource library — Access resources to learn about the beneficial ownership information reporting requirement under FinCEN’s Corporate Transparency Act (CTA).
FinCEN Beneficial Ownership Information Reporting — FinCEN resources on reporting requirements, fact sheets and FAQs.