Starting January 1, 2024, the Business Owner Informational Reporting (BOIR) requirement mandates specific business types—like partnerships and corporations filing forms 1065, 1120, and 1120S—to submit essential documentation by January 1, 2025. Missing this deadline could lead to severe consequences, including a $500 daily penalty or even two years of jail time. To ensure compliance, consult with a tax professional to confirm if your business qualifies. Dr. Friday’s firm is ready to assist those navigating this new mandate.
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
Let’s talk about BOIR, Business Owner Informational Reporting. This came in effect as of January 1st, 2024. We have until January 1st, 2025, assuming you started your business prior to 2024. You have one year and if you you choose not to do it, here’s a nice little threat. You have a $500 a day penalty or two years in jail. So you might want to make sure you have filed this report. It is for all partnerships, 1065s, 1120, 1120Ss. There are some caveats, so talk to someone that knows if you need help. Our firm is handling it.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7. WTN.