As small business owners navigate the new Beneficial Ownership Information Report (BOIR) requirements, errors can easily lead to delays and penalties. Here’s how to avoid the most common mistakes:
Incorrect Beneficial Owner InformationEnsure all details, like names, addresses, and identification numbers, are accurate and up-to-date. Mistakes can lead to rejection or fines.
Missing the Filing DeadlineDon’t miss the filing deadline—January 1, 2025, for businesses registered before January 1, 2024, and 30 days after registration for businesses set up after that date.
Failing to Include All Beneficial OwnersRemember to include anyone who owns 25% or more of the business or has significant control. Overlooking someone could result in penalties.
Inaccurate or Incomplete Business InformationMake sure all business registration details are properly submitted, as incomplete forms may delay processing.
By avoiding these mistakes, you'll help ensure your business stays compliant and avoids unnecessary fines.
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