What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It's designed to increase transparency in business ownership and help combat financial crimes.

Key Points About the BOIR:

  • Required by the Financial Crimes Enforcement Network (FinCEN)

  • Applies to most U.S. businesses

  • Deadline for filing is January 1st, 2025

  • Failure to file can result in penalties of up to $592 per day

What Information is Reported?

The BOIR requires businesses to report details about their beneficial owners, including:

  • Full legal name

  • Date of birth

  • Current residential or business address

  • Unique identifying number (e.g., passport or driver's license number)

Why is the BOIR Important?

The BOIR helps:

  • Prevent money laundering and other financial crimes

  • Improve corporate accountability

  • Assist law enforcement in investigations

For More information you can visit the FinCEN website

Tido Financial is here to simplify your financial tasks, including filing for BOIR. Let our expertise guide you through the process with accuracy and ease. Ready to get started? Contact us through our email at tido@tidofinancial.com, and let us handle the details!