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"Understanding the Importance of Filing a BIO Report: What You Need to Know"

  • mcgeetaxservice
  • May 29, 2024
  • 1 min read

Beneficial Ownership Information (BOI) Reporting is a requirement for many companies to report information about the individuals who ultimately own or control them. This reporting is done to comply with the Corporate Transparency Act. Here are some key points about BOI reporting:

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Color Glass

  1. Who Must File? Companies falling under the reporting requirements must file a BOI report. These reports identify two categories of individuals:

  • Beneficial Owners: These are the individuals who directly or indirectly own or control the company.

  • Company Applicants: These are the individuals associated with the company’s application.

  1. What Information Is Reported? The report includes identifying information about the beneficial owners and company applicants.

  2. When to File? The reporting deadlines began on January 1, 20241. If you’re subject to these requirements, make sure to file your report in a timely manner.



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