BOI Reporting and Do I Need To Do It?
It is required, it isn’t, it’s required, it isn’t… WELL HOW DO WE KNOW???
First, what is BOI? This is a requirement first set our by the Financial Crimes Enforcement Network (FinCEN) in November 2023. Since then it has been challenged in court and has flipped between voluntary & required multiple times. The latest flip is that it is REQUIRED. (See FinCEN.gov/BOI for details).
However, it is again being challenged and in addition to that many deadlines were already extended due to natural disasters (i.e. Florida is 07/01/25).
BOI Report Status
0%My company filed or will file.
0%My company has not filed yet.
0%I do not know.
0%We are waiting to see how it plays out.
If you have not filed yet, it is your choice whether to follow the ongoing saga and wait, or to simply go ahead and file. Either way, your tax preparer may ask for your FINCEN ID, which is a 16-digit number that identifies your participation in the program. If you do not have one, NO WORRIES, as it is not required to file your 2024 tax return. However, we do not know what the future will bring so IF you file a BOI Report, keep the confirmation with your tax documents (and if you are a client of Hometown Accountant, you may upload to our portal).
If you are not a client, give us a call today to become a part of our community of businesses in the know!
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Shelley H. Morales is your Hometown Accountant!
Give me a call today to find out how you can leave the books to me & have more of your time free!
352-358-1413 info@hometownaccountant.com www.hometownaccountant.com/book-online/
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