America’s SBDC Blog

A “Forbes 100 Best Websites for Entrepreneurs”

More BOI Reports will be Filed than Business Income Tax Returns in 2024 and Small Businesses Need Your Help

May 14, 2024

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:

Continue reading

 


Have You Filed Your BOI Report Yet? For Most SBDC Members, It’s Required in 2024 for Ongoing Compliance

April 10, 2024

By Frank Tumminello

If your company was formed or is operating within the United States, it’s most likely one of the more than 33 million entities required to submit a Beneficial Ownership Information (BOI) Report in 2024.

If this is news to you, you aren’t alone. The U.S. Department of Treasury hasn’t exactly done a great job of educating the small business community about the new requirements, and the guidance that is available is muddled with government jargon.

We’ve got you covered, though. Keep reading for a simpler explanation of BOI reporting requirements.

Continue reading