What is the Beneficial Ownership Information Report?
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Last modified 3/13/2024 9:19:08 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.