Preparing for New BOI Requirements

Businesses will soon need to comply with new beneficial ownership information (BOI) reporting requirements — part of federal efforts to combat money laundering, drug trafficking, and financial fraud. Failing to comply may result in penalties of $500 per day and/or up to two years in jail. OMA Connections Partner CliftonLarsonAllen has published this high-level overview of the requirements. 4/13/2023