US Businesses to be Required to Report BOI
There are many businesses that operate in the United States. Starting January 1, 2024, many business owners will be required to report identifying information about their owners to the Financial Crimes Enforcement Network. Collecting Beneficial Ownership Information will make it harder for criminals to launder money. If you filed a document with your state's secretary of state to create your company, you might be required to report your BOI. Make sure your business is properly structured so that you can stay compliant with the new law.