Is Beneficial Ownership Information (BOI) finally gone?
The Treasury department has ended reporting requirements for American small businesses know as Beneficial Ownership Information or BOI. The Treasury issued a final rule in the federal registry. The final rule also deleted all previously collected BOI information. Congress passed The Corporate Transparency Act in 2021, which required FinCEN to create a database that would collect BOI information on small businesses in the U.S. In classic congressional style you have to pass the bill to know what is in it! After American small business owners discovered this new data collection and realized…
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