What is BOIR?

Federal Government Beneficial Ownership Information Reporting.

Is it Required? For most companies, YES!

Is there a deadline? YES. Talk to your CPA or do your homework..

Are there fines for not doing it?. YES. $500 per day.

Does it affect Real Estate Agents? Yes. Not all, but many!

What is it?

The Federal Government is building a searchable genealogy of all business entities which will include all of the people that benefit from the business entities in any way. It will expose anyone that benefits from transactions. For example, it will no longer be easy to hide who benefits from shell companies, which in the past were not transparent. 

We highly recommend that you learn about BOIR filings, if you are required to do a filing, and when your deadline is coming up. DO NOT DELAY. Learn about BOIR or call you CPA so that this does not disrupt your business. We are sending this new item as a heads up with a strong suggestion that you make sure you get your filing take care of right away. Unfortunately, we cannot answer questions about this. Please consult your CPA or the resources below to learn more. But do it now. The deadline for many companies is at the end of December.

Resources:

Department of Treasury Official Site: https://www.fincen.gov/boi-faqs 

Official Government Site: https://boiefiling.fincen.gov/fileboir

Forbes Article on Beneficial Ownership Reporting