Beneficial Ownership Information (BOI) Reporting

[Christian Block]

First, sorry if this has been discussed already, but I thought this would be a good time to provide some cautioning on the Beneficial Ownership Information (BOI) reporting, as required by the Corporate Transparency Act, effective 1/1/2024. Every person who owns or manages an LLC should be aware of this.

I won't rehash all of the specifics (I will link the Small Entity Compliance guide below) but this probably affects most rental real estate investors who own their property in an LLC. If your reporting company was established before 1/1/2024, you have until 1/1/2025 to file your BOI report. And if your reporting company was established after 1/1/2024 and before 1/1/2025, you have 90 calendar days after receiving notice of your company's creation to file your report.

Also of note, if you not already applied for an EIN, I think you want to do that now, or sometime before filing your BOI report.

https://www.fincen.gov/sites/default/files/shared/BOI_Small_...