If you’re a content creator with a business entity, there’s a new requirement you need to know about: the Beneficial Ownership Information (BOI) report.
Staying compliant with the new BOI filing requirement is crucial, and it’s especially relevant to those of us in the creator space.
So, let’s break down what BOI is, who needs to file, and how to get it done smoothly.
Why BOI Exists and Why Content Creators Should Care
The BOI report, managed by the Financial Crimes Enforcement Network (FinCEN), is designed to make ownership details of businesses more transparent. It’s annoying and likely governmental overreach.
Still, the stated goal? To curb illicit financial activities by having business owners provide basic information about who’s behind the entity.
For creators, this is important. Ignoring this requirement can lead to penalties.
If your business is set up as an LLC or corporation—even if it’s just you managing everything behind the scenes—you’ll need to pay attention to BOI.
Who Needs to File a BOI Report?
In short, most small businesses and LLCs will need to file. If you’re operating a business entity to handle your brand deals, sponsorships, or any other business-related income, you’re likely required to file a BOI report.
If you’re a sole proprietor or an exempted company type, though, you’re off the hook. But for most content creators who’ve set up LLCs, corporations, or similar entities, filing is necessary.
What Information Is Required?
The BOI report needs basic details about who owns the business (often called the “beneficial owner”) and anyone who applied to form the business entity. Here’s what they’ll ask for:
- Name, address, and identifying info of each beneficial owner
- Details about the person who applied to form your company
Think of it as a quick way to let the government know who’s behind your business. Not a lot of data is required, but it’s enough to make sure they know who’s in charge.
Deadlines for Filing
Timing matters! If you formed your business before January 1, 2024, your first filing deadline is set for January 1, 2025. For businesses formed after January 1, 2024, you’ll need to file within 30 days of formation.
Miss the deadline, and you could face penalties. So make sure this is on your radar.
How to File Your BOI Report
Filing a BOI report is pretty straightforward. Gather your documents—like your EIN details, proof of address, and identification. You can file directly with FinCEN, following their online system.
I recently filed my BOI report for my own creator business, PTMoney.com. It was simple enough once I had my info lined up.
I’ll admit, even as a CPA, I had to double-check a few details to make sure I didn’t miss anything. But now that it’s done, it’s one less compliance worry for me.
I know that for most creators, filing feels like just another administrative burden—but it’s worth it to stay in the clear.
Common Questions About BOI Filing
Here are some questions I’ve heard from other creators about the BOI filing requirement:
- Do I need to file if I’m a sole proprietor? No, only if you’re a registered business entity.
- What happens if I don’t file? You could face penalties. The government wants this info, so they’re not likely to let missed filings slide.
- How often do I need to file? Just once, unless your ownership or address changes—then you’ll need to update FinCEN within 30 days.
- Can I amend my BOI report? Yes, if you make a mistake or something changes, you can file an amended report.
How Taylor & Associates Financial Services Can Help
If this sounds like a hassle or is just overwhelming, we’ve got you covered.
At Taylor & Associates Financial Services, we’re helping clients navigate BOI requirements with ease.
And for creators on one of our plans, we’re offering complimentary BOI filing. Think of it as our way of simplifying your business compliance.
Final Takeaway: Don’t Let BOI Filing Fall Through the Cracks
The BOI filing is one of those tasks that’s easy to put off, but it’s better to get it done and off your list. Stay compliant, avoid penalties, and focus on what you do best—creating!
And if you’re a Taylor & Associates client, let us handle this for you so you can get back to creating content and growing your brand.
For more information, or if you need help, feel free to reach out to our team at Taylor & Associates. We’re here to help you stay compliant, stress-free.