Everything you need to know about BOI requirements.
UPDATE TO ORIGINAL INFO: A Texas court issued an injunction pausing enforcement of BOI reporting. Any requirements to file are on hold. Things may change, so keep an eye out for updates. At this time, it's your choice to file or wait.
You may have seen other notices and reminders floating around about the new federal requirement to file a Beneficial Ownership Information Form (BOI) by the end of the year. This may have looked like a possible scam or you may be unsure if you need to file.
After doing the research and filing my own report this week, we wanted to give you an update.
This is a very legitimate requirement, so please don’t disregard it. This is a free filing, but there are a lot of entities that are offering to file these for you for a fee. If you decide to use the help of an agency to file, please do your research and choose a legitimate entity.
There are a few options we can offer for filing:
File yourself at FinCEN.gov. It took less than 10min and it was a little bit confusing, but it was pretty easy. This video was the most helpful of the ones I watched: https://youtu.be/7cL9DFmMi68?si=BIOIz8TM5PJB6iGH.
If you are running payroll through Gusto, they will file for you for $49.99. If you want to go this route, let us know and we can help you get that set up.
Contract with another professional to do it for you. Missoula Bookkeeper can not file for you, but your CPA or Business Lawyer should be able to. Again, please only use legitimate entities and avoid getting scammed. The fees for this will vary.
You MUST do this by the deadlines! The penalties are steep and there is no reason not to get it done on time.
If you have multiple businesses, you need to file a report for each business separately.
If you are receiving this email, we are 99% sure you are required to file. There are exemptions, but we believe your business doesn’t fit the requirements for exemptions. Non-profit organizations are exempt, along with some other business types.
If you change ownership or other changes are needed, you will need to file an update in the future, but if there are no changes, you won’t need to file again right now. Please get in touch if you have any questions!
