Breaking News: Significant Changes to the New Boi Report for Small Business Owners

❗️Small business owners will need to file a new report called the Boi report, providing detailed information about the business owners to the federal government.

💡The original rule stated that existing businesses had until January 1st, 2025 to file the report, while new businesses had 30 days from creation.

📅However, the federal government has extended the deadline for companies registered in 2024 to 90 days.

🔍Businesses created in 2025 will have 30 days to file the report.

🔔Further updates and changes to the Boi report are expected in the future. Stay informed to comply with the new regulations.

What is the Boi report?

—The Boi report is a new report that small business owners will be required to file, providing detailed information about the business owners to the federal government.

When do existing businesses need to file the Boi report?

—Existing businesses have until January 1st, 2025 to file the Boi report.

How much time do new businesses have to file the Boi report?

—New businesses have 30 days from their creation date to file the Boi report, unless they were registered in 2024, in which case they have 90 days.

Will there be any changes to the Boi report in the future?

—Yes, it is expected that there will be further updates and changes to the Boi report in the future. It is important to stay informed to comply with the new regulations.

Can Freedom tax accounting help businesses with filing the Boi report?

—Yes, Freedom tax accounting will be providing services to help businesses, both existing and new, with filing the Boi report starting from January 2024.

00:01In this video, Freedom tax accounting discusses breaking news about significant changes to the new Boi report for small business owners.

01:15Starting January 2024, small businesses will be required to file the Boi report, which is an abbreviation for Beneficial ownership information report.

01:39Existing businesses created before January 1st, 2024 have until January 1st, 2025 to file the Boi report.

02:23New businesses created in 2024 have 90 days from their creation date to file the Boi report.

03:07Businesses created in 2025 will have 30 days to file the Boi report.

03:42Freedom tax accounting will provide services to help businesses with filing the Boi report starting from January 2024.

04:04Stay informed about further updates on the Boi report by subscribing to Freedom tax accounting's channel.

04:14Thank you for watching and goodbye.