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Beneficial Ownership Information

Client Education: BOI (updated 2024)

3-minute read


In the US, certain companies must report the personal information of their owners (referred to as Beneficial Ownership Information or BOI) to the US Department of the Treasury's Financial Crimes Enforcement Network (aka FinCEN) as part of the 2021 Corporate Transparency Act.


The goal of the act is mainly anti-money laundering. By requiring beneficial ownership information (BOI), businesses involved in money laundering, financing terrorism, tax fraudsters, and others doing illegal acts can't conceal who the responsible individuals are through anonymous shell companies.


If you set up a corporation or LLC registered with the Secretary of State (or a similar office outside of Arizona) you are required to file a "BOI" report with the FinCEN. 


Pro tip: Opt for live handwritten checks and not a direct deposit if you want something to hand deliver or put in a holiday card for a more thoughtful delivery.

*Reimbursement checks to your employees and gifts under $25 value are not included in their taxable income.

This is a simplified overview of gift expenses and bonus payroll for tax purposes. All facts and circumstances have not been expressed.

Still have questions? Give me a call and we can discuss. :)

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