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November 19, 2024
Question

Do i have to fill out a BOI for my business

  • November 19, 2024
  • 3 replies
  • 0 views
I have an single owner LLC. Do I need to fill out a BOI?

    3 replies

    VolvoGirl
    Employee
    November 19, 2024

    What is “BOI”?

    DoninGA
    Employee
    November 19, 2024

    BOI stands for Beneficial Ownership Information. It is a new regulation that requires certain businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

     

    To report beneficial ownership information (BOI) to FinCEN, you can use the BOI E-Filing website at https://boiefiling.fincen.gov/:

    DoninGA
    Employee
    November 19, 2024

    If you are a single member LLC that has NOT incorporated to a S Corporation then your business is a disregarded entity.  You report your business income and expenses on a Schedule C which is part of your federal tax return, Form 1040.  You do not have to complete a BOI.