Skip to Main Content

BOI: New Federal Reporting for Small Businesses

Guest video blogger, Larry Gray (AGC Solutions), explains the basics of Beneficial Ownership Information (BOI). BOI is issued by the Financial Crimes Enforcement Network (FinCEN). According to BOI, qualifying small businesses are required, beginning January 1, 2024, to report certain company and individual information to FinCEN.

The video will answer questions such as:

  • Why do I have to report BOI?
  • What companies have to report BOI?
  • Does the company or individual have to report BOI?
  • What are fines for failing to report BOI?
  • When do I have to report BOI?

By Larry Gray, CPA
Partner, AGC Solutions
Larry Gray

AGC Solutions does not provide tax, legal or accounting advice. This content has been prepared for informational purposes only and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. Also, tax law is ever-changing and every effort should be made to seek out the most current information. Make sure to check date of published content to ensure most current information.

Disclaimer: The information referenced in Tax School’s blog is accurate at the date of publication. You may contact taxschool@illinois.edu if you have more up-to-date, supported information and we will create an addendum.

University of Illinois Tax School is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information. This blog and the information contained herein does not constitute tax client advice.

Subscribe to the Tax School Blog Today!

Join 1,400 of your colleagues and get notified each time a new post is added.