12/21/2023
Small business owners, if you are an LLC, starting January 1, 2024, you must report information to the U.S. government about who ultimately owns and controls your business. The reason for this new requirement is to identify people who create FAKE businesses to launder money or fund terrorist activities.
If your company was created or registered before January 1, 2024, you will have until January 1, 2025 to report BOI. β’ If your company is created or registered on or after January 1, 2024, you must report BOI within 30 days of notice of creation or registration.
Failure to file this report can result in civil penalties of $500 per day ($10,000 max) and up to 2 years in prison.
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