Have you done your BOI eFiling? It’s due 12/31/24.

Vashon Businesses, as you may know there was a temporary pause in the requirement for doing a BOI eFiling. That pause has been cancelled and the filing requirement is reinstated for 12/31/24.

BOI stands for ‘Beneficial Ownership Information’ and is a requirement for all businesses in the US. The purpose is to help prevent financial crimes such as tax evasion, terrorist activity and money laundering.

The filing is fairly straightforward once you have collected the required inputs. Yet, if needed, there is a good FAQ page provided by the US Financial Crimes Enforcement Network, who manages the BOI filings.

There are some reporting requirements for nonprofits that have unique, non-501(c) status so make sure check out this post from the National Council on Nonprofits to make sure you’re in-the-clear.

Here’s what you need to complete your filing:

• For all owners that have at least 25% share of your company:

  • full contact information, social security/tax ID number

  • a photo of a government-issued form of identification (drivers license or passport)

Once you’ve compiled the information needed, the process is fairly simple via their online filing system.

Most importantly, make sure you consult with any financial council you may have to ensure you’re making your filing based on YOUR specific business / nonprofit needs. Or at the very least, fully read the requirements yourself. This post is just to notify you of the requirement, not provide financial consultation.