Recently, several members of the U.S. House Financial Services Committee claimed that many small business owners weren’t aware of the Beneficial Ownership Information (BOI) reporting deadline. They are, according to these members, vulnerable to noncompliance penalties. However, U.S. Treasury Secretary Janet Yellen responded that there are no plans to extend the regulation’s compliance deadline. This means that businesses in existence before Jan. 1, 2024, must file BOI reports with the Financial Crimes Enforcement Network by Jan. 1, 2025. Businesses formed on or after Jan. 1, 2024, generally have 90 days from their inception to file. For more information: https://bit.ly/4cU1HIc
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