Tax & Compliance
Beneficial Ownership Information (BOI) Reporting
Collated by Aparna Devalla, CPA
Curated by Rubric Financial
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What BOI Reporting Is
- The Corporate Transparency Act requires most U.S. companies to report their beneficial owners to FinCEN (Financial Crimes Enforcement Network)
- A beneficial owner is any individual who directly or indirectly exercises substantial control over the company or owns/controls at least 25% of its ownership interests
- Companies formed before January 1, 2024 had until January 1, 2025 to file; companies formed after must file within 90 days of formation (30 days for 2025+)
- Most startups are reporting companies under this rule — the exemptions (banks, public companies, large operating companies with 20+ employees and $5M+ revenue) don't apply to early-stage startups
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