New legislation creates a burden for business owners to file BOI reports with the federal government before year-end - Let’s break down the numbers.
Beneficial Ownership Information (BOI) reporting began January 1st, blindsiding millions of business owners. The United States government expects to receive more BOI reports in 2024 than business income tax returns. That’s right – despite almost non-existent public awareness of the Corporate Transparency Act (CTA), the law giving rise to BOI reporting in 2024 has broader-reaching implications for millions of businesses nationwide than their IRS tax filings. Delinquent filers may face substantial penalties for missing the reporting deadlines, some of which have already passed.
To help spread awareness among its advisors and mitigate risk with streamlined filing for its members, America’s SBDC has partnered with FileForms. As BOI awareness begins to spread, a few statistics that small business advisors must know: