Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Nov 19, 2024 11:17:15 AM

Do i have to fill out a BOI for my business

I have an single owner LLC. Do I need to fill out a BOI?

0 3 3676
3 Replies
Level 15
Nov 19, 2024 11:19:44 AM

What is “BOI”?

Level 15
Nov 19, 2024 11:24:49 AM

BOI stands for Beneficial Ownership Information. It is a new regulation that requires certain businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

 

To report beneficial ownership information (BOI) to FinCEN, you can use the BOI E-Filing website at https://boiefiling.fincen.gov/:

Level 15
Nov 19, 2024 11:37:32 AM

If you are a single member LLC that has NOT incorporated to a S Corporation then your business is a disregarded entity.  You report your business income and expenses on a Schedule C which is part of your federal tax return, Form 1040.  You do not have to complete a BOI.