Linda Tuttle

BOI Report-Small Business and LLC Owners
Should Take This Seriously

Have you heard of the new BOI Report that is due for business owners?  Maybe CTA?  Lots of acronyms going around and this is a new report, so here is what I know about it.

CTA is the Corporate Transparency Act.  It was created in 2021, and as part of this act business owners must file the BOI (Beneficial Ownership Information) Report.  It took effect on January 1, 2024 and it imposes a new federal filing requirement for many small businesses.  This is being enforced by the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).

If you create a new LLC in 2024, you have 90 days to file your report.  If you had an LLC prior to 2024, you have until December 31, 2024 to file your report.  If there is a change in ownership or a change of address, the change needs to be filed within 30 days.

This report is filed online, and there is no filing fee to file the report.  

There are some pretty hefty penalties for not filing the report correctly or on time, so you do need to be aware of this.  If you are willfully filing incorrect reports you can be subject to fines of up to $500/day, criminal fines of up to $10,000, or even prison time for two years.  

If you are self-employed and don't have an entity set up you are not required to file the BOI report.  However, if you are a single member LLC you are considered a disregarded entity for tax purposes, but you do need to file the BOI report.  If you have a single rental in an LLC you need to file the BOI report.

Exemptions for filing include businesses with more than 20 full-time employees, $5 Million in sales on the previous tax return and have a physical address in the US.

If your business is subject to the Corporate Transparency Act you need to provide accurate information for each beneficial owner.

As I mentioned, this is a new report and there are a lot of rules around it.  Make sure you determine if your company needs to file or not.  Watch the video for more details.

I will not be filing the BOI report for my clients, but I have chosen to partner with a law firm as an affiliate and they will provide the service of updating your annual corporate books and filing the BOI report on your behalf.  If you are interested in this service, please go here:

With every episode of Linda Tuttle Adventuring Accountant TV, I like to equip you with a free resource that goes with the episode for the week.  

This week's episode is all about how owning your business can be a good thing for your life.  I talk about converting personal expenses into business expenses.  I put together a new free resource called 10 Essential Tax-Saving Strategies for Entrepreneurs.  I'm excited to share this with you.

After going through this guide, you will have some real strategies you can implement in your business right away.

You can download the FREE resource by clicking the orange button above.

Linda M. Tuttle


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Linda Tuttle
Linda Tuttle

I hope you found value in this post. I share a new weekly training here on the blog each week for you, with different topics to help you grow your business and maximize your income so you can live the life you want as you prepare for retirement. If there are topics you would like me to cover, let me know.

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