Beneficial Ownership Reporting

A person using a computer and calculator for their small business accounting in El Paso.

As of January 1st, 2024, businesses in the United States are required to report standard information about the individual(s) who own or control them. In an attempt to curb illicit finance, meaning the illegal movement of money across borders, the Department of Treasury is enacting new measures to protect the economic security of our country.

If filing new paperwork or comprehending a new process sounds overwhelming, don’t fret. Our El Paso small business accounting services at Marcus, Fairall, Bristol + Co are well-adjusted to navigating the ever-changing tax landscape. Contact us online or call (915) 775-1040 to get financial assistance today.

What is Beneficial Ownership Reporting?

Beneficial Ownership Information Reporting (BOI) is a new measure to protect the economic security of large and small businesses in the United States. BOI refers to the identifying information about the individual or individuals who directly or indirectly own or control a company. This information will create a centralized database to help eliminate vulnerabilities in the country’s financial system. 

Requirements for Filing

If you’re an existing company created and registered to do business in the United States before January 1st, 2024, you have one year to file a BOI. If you’re a newly created or registered company, you have 90 calendar days to file after receiving public notice that your company’s creation or registration is effective. If you are unsure where to start, utilize small business accounting in El Paso.

It is a one-time submission, meaning you do not have to submit a BOI annually. You only need to re-submit if the filer has to update or correct any of the owner’s information.

Some exemptions exist for publicly traded companies, nonprofits, and certain large operating companies, which can be found here

Who Can File a BOI

Filers are any company employer, owner, or third-party service that is authorized to act on the company’s behalf. These individuals should also be prepared to provide basic information, including their name, email address, and phone number. 

How to File a BOI

To file, reporting companies require the name, date of birth, address, and identifying number from either a non-expired U.S. driver’s license, U.S. or foreign passport, or identification document.

Filers will also need to provide information about the company, including its name, address, and any additional information required by the online form. Overall, it’s a simple process that’s free of charge. However, assistance can be provided by El Paso small business accounting services.

BOIs can be submitted electronically through FinCEN’s website:

How Accountants Can Help Small Businesses

Navigating the legal tax landscape can be overwhelming for small business owners with a lot on their shoulders. An accountant can alleviate tax preparation stress by doing the work for you. Filing important documents, like BOIs and tax planning, is essential to minimize tax liabilities and errors. Accountants can provide strategic advice and ensure that businesses meet their filing obligations accurately and on time to reduce the risk of penalties.

El Paso Small Business Accounting with Marcus, Fairall, Bristol + Co

If you’re looking for guidance on filing the Beneficial Ownership Information Report (BOI), our small business accountants at Marcus, Fairall, Bristol + Co can help. Call (915) 775-1040 to file today!