According to Governor Kay Ivey’s website, nearly 99.4% of businesses in the state are small businesses.
You must report your Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Agency by the following deadlines:
- Businesses created before 2024 must file by Jan. 1, 2025.
- Businesses created in 2024 must file within 90 days of its creation.
If you fail to file this information within the stated timeframe, you may face a $500 fine per day or even jail time. The information you are required to report includes:
- Full name
- Date of birth
- Residential address
- Identification number from your passport or U.S. driver’s license
- Issuing state or jurisdiction
- Image or photocopy of ID
The purpose of BOIs is to increase transparency of business ownership and to prevent money laundering.
The Corporate Transparency Act was passed by Congress in 2021, creating these new requirements. It targets owners of Limited Liability Companies (LLCs) and other small business entities that have …