The Latest on the Beneficial Ownership Information (BOI) Filing Requirement

You may have heard about a new filing requirement issued by the federal government last year that's been on-again, off-again due to a lawsuit. It’s called Beneficial Ownership Information  or BOI for short.

The Department of Treasury recently announced that it has suspended enforcement of the BOI filing requirement which means they will NOT issue fines to businesses that do not comply with the filing requirement. 

It is WRA's understanding that the filing requirement is still in effect, but the threat of fines for not filing is no longer in play. However, the Treasury Department has indicated that they will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. 

WRA has heard from restaurant operators who have completed the BOI filing requirement that filing is easy and doesn't take very long. Your business can file free of charge through the federal agency’s secure website.

• Here’s the link for BOI filing
• More Info on BOI Filing Requirement 
• The AskWRA Team is Happy to Answer Your Questions? Contact us!