The U.S. Treasury has a new rule for small trucking businesses. If you own a small trucking company or drive your own truck, you need to tell the government who owns your business. This is called reporting Beneficial Ownership Information (BOI).
Who Needs to Report?
• Any new business started this year, like LLCs, corporations, and partnerships.
• Existing businesses have until the end of 2024 to report.
What Information Do You Need to Provide?
• Your name, date of birth, address, and an ID like a driver’s license or passport.
• Your business name, address, and Employer Identification Number (EIN) or Social Security Number (SSN).
• Names of anyone who owns more than 25% of the business or has significant control over it.
Why Is This Important?
The government wants to stop money laundering, which is when people hide money they got illegally. By knowing who owns businesses, it’s harder for criminals to hide their money.
Penalties for Not Reporting:
If you don’t report, you could be fined $500 per day and even face jail time in severe cases.
Good News:
The reporting process is simple and can be done online by going to FinCEN’s BOI e-filing website. https://boiefiling.fincen.gov/
This article was sourced from https://www.overdriveonline.com/business/article/15663261/us-treasurys-new-reporting-requirement-for-ownerops-small-fleets