If you have any form of business in the United States you are now once again required to file that Beneficial Ownership Information to the federal government and if you haven't done it already

If you have any form of business in the United States you are now once again required to file that Beneficial Ownership Information to the federal government and if you haven't done it already you better get on it because you have less than a month to turn it in. Now I know we went back and forth about all of this last year, but I told you back then it wasn't over. And just a few days ago, the courts issued a new order changing everything once again. So I'm going to explain to you why this is happening, but first I want to explain who needs to file this, who doesn't need to file it, and as always, I will email you all the actual documents from the federal government that explains more about the BOI in my FactsHQ email tonight. So if you haven't done this already, I highly suggest that you sign up for it. It is really easy and it's free. Okay, so who has to file? If you have almost any type of business and you operate that business in the United States, you have to file beneficial ownership information or BOI. How do you know if your business qualifies? According to the Financial Crimes Enforcement Network, also known as FinCEN, if you had to file any type of paperwork with your Secretary of State or similar government agency to create what business entity you have, even if you're a non-profit, the answer is yes, you have to file a BOI. If that is not clear enough for you, there is a yes no chart provided by FinCEN that might be helpful to you. There are few exceptions for businesses that do not have to file the BOI, including tax-exempt entities and inactive businesses, but only if you meet several criteria. If you were a member of the National Small Business Association prior to March 1st, 2024, you are also not required to file at this time. According to this new notice from the federal government, if your business qualifies, which most do, the deadline to file the BOI is March 21st, 2025, so less than a month from today. Some companies in certain states will get a little more time to file their BOI. If, for example, your business was impacted by hurricanes, Milton, Helene, Debbie, Burle or Francine, you do not have to file your BOI until April 23rd. Now, if you already filed, don't worry about it. You do not need to file it again unless you've made any changes to your business. But for everyone else, why do you have to file this BOI? Well, back in 2021, both Democrats and Republicans passed the Corporate Transparency Act. That law created this beneficial ownership information requirement to help the US government track down people who are trying to hide or benefit from shell companies or other opaque ownership.