Tax Alert: Beneficial Ownership Information (BOI) Reporting RequirementDo you need to submit a BOI Report for your business?

1/18/2024 - By David Uslan, CPA

Effective January 1, 2024, all unregulated business entities that have domestic sales of less than $5,000,000 are required to electronically file a Beneficial Ownership Information (BOI) Report. This informational report discloses data about the business entity and its significant owners, stakeholders or officers. 

This reporting requirement comes from the Financial Crimes Enforcement Network (FinCEN), a division of the United States Department of the Treasury. Business entities that are subject to this reporting requirement must file an electronic BOI Report with FinCEN on a complete and timely basis if civil and criminal penalties are to be avoided. 

  • Businesses Created Before January 1, 2024: For business entities that were created or registered before January 1, 2024, the BOI Report must be electronically filed with FinCEN no later than December 31, 2024.
  • Businesses Created After January 1, 2024: For business entities that are created under state law or registered to conduct business in the United States on or after January 1, 2024, the filing must be made within ninety (90) days of the business entity’s creation or registration. 

While Saltmarsh does not provide services to file BOI Reports, we have resources available to further elaborate on this new FinCEN reporting requirement. Visit www.fincen.gov/boi for more information. 

About the Author | David Uslan, CPA

David is a shareholder and technical leader of the Tax & Accounting Services practice at Saltmarsh, Cleaveland & Gund. With more than 30 years of experience, he works with high-net-worth individuals and growth-oriented companies in a variety of industries, including software, real estate, private equity, professional services, technology and creative services. David’s primary areas of experience include federal and state tax compliance, as well as multi-state and federal consulting, including trust and estate planning, merger and acquisitions, accounting method changes and equity and deferred compensation arrangements. Prior to joining Saltmarsh, he held several management positions with national firms KPMG and Ernst & Young and was a shareholder at a large firm based in Portland, Oregon.


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