Join James Burks, Co-Founder & COO of Common Ground Management, to learn more about the BOI reporting requirement and if this applies to you and/or the neighborhood business(es) your organization serves.

Beneficial Ownership Information (BOI) reporting applies to affected entities in existence on January 1, 2024, as well as those created in 2024 and later. Whether these are single-member LLCs, small multi-member LLCs, small S corporations, or small C corporations, they may be required to provide detailed reporting on their beneficial owners—the people who own or control these entities. The Corporate Transparency Act (enacted in 2021) requires entities to file a BOI report with the Department of Treasury’s Financial Crimes Enforcement Network, an agency better known as FinCEN. Companies that fail to report BOI or provide incorrect information may be subject to a daily $500 fine (up to $10,000) until the violation is corrected.

CDC’s will learn to communicate to Business owners about the IRS’s BOI reporting requirements, how/if it applies to their business(es), reporting timelines and other pertinent information.