SAN DIEGO COUNTY, Calif. — Some small businesses and other entities will have to file the Business Ownership Information Report.
If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.
According to the U.S. Department of the Treasury Financial Crimes Enforcement Network, the Corporate Transparency Act requires many companies to report information about who owns or controls them.
“What the government is trying to do is like I said not necessarily collect revenue from them but just know. Hey are you reporting all of your income on your tax return? It's just one missing piece of information they need to be able to connect all of the dots,” Tax Attorney Adam Brewer said.
CBS 8 spoke to Adam Brewer, he explains the BOI report is the federal government looking for more information about corporations and LLC’s. Brewer adds the BOIR is a separate report from their income tax return.
“If you own or control a corporation or LLC you could be looking at a $591 per day penalty for not making the disclosure,” Brewer said.
There are certain entities exempt from filing the report including banks, certain large operating companies and many non-profits. To learn more information visit fincen.gov/boi.