BOI Compliance Update
SPAAR has published information about Beneficial Ownership Information (BOI) reporting for the past month. A law known as the Corporate Transparency Act became effective on January 1, 2024, after being passed by Congress in 2021 to crack down on money laundering, financing of terrorism, tax fraud and other illegal acts.
The Act states that all applicable small business entities are required to file BOI reports — information about ownership of the business — to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
SPAAR recently learned that a US District Court decision issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act’s BOI reporting requirements.
SPAAR is providing this general information as an update rather than advice and recommends members consult with a trusted tax professional or attorney to understand any BOI reporting obligation.
BOI Compliance
SPAAR is collaborating with Wolters Kluwer, a financial services solutions company, to offer members an optional BizFilings Beneficial Ownership reporting solution.
get started with Wolters Kluwer
The January 1, 2025, federal deadline to submit Beneficial Ownership Information (BOI) reports to FinCEN is fast approaching.
Small businesses, including real estate brokers and property managers, are required to file Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, per the Corporate Transparency Act.
This Act, which became effective on January 1, 2024, was passed by Congress in 2021 to crack down on money laundering, financing of terrorism, tax fraud and other illegal acts.
Does my business need to file? Take the short BizFilings’ BOI quiz to find out your filing status.
Use BizFilings’ BOI Filing solution for fast and accurate BOI Filings
Streamlined Process
Reduce confusion and minimize errors with a guided five-step filing process
Secure and Reliable
Safeguard your sensitive personal information (PII) with our robust system security
Efficient Filing
Save time with a fast, automated reporting process that cuts hours off each filing
Data Storage
Avoid re-keying information by accessing stored data for quick and easy report amendments
20% Discount
SPAAR members who choose to work with Wolters Kluwer for this service will receive a 20 percent discount off the price.
get started with Wolters Kluwer