TaxBandits Knowledge Base

What is the Beneficial Ownership Information Report?

• 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.