What is the Beneficial Ownership Information Report?
545 views |Last modified 6/21/2024 1:55:57 AM EST | Added by TaxBandits Team
- The Beneficial Ownership Information (BOI) report is a component of the Corporate Transparency Act, passed by Congress in 2021, and sets forth standard reporting guidelines for companies.
- The Corporate Transparency Act mandates most small businesses in the U.S. to complete BOI reporting in an attempt to combat money laundering, terrorism financing, tax evasion, and other criminal activities.
- This report will include personally identifiable information about a company's beneficial owners.
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