By MATT PIKE
St. Joseph Post
An on again, off again requirement for small businesses is back on again and the Small Business Development Center in St. Joseph wants to help owners avoid penalties.
Rebecca Lobina says the Beneficial Ownership Information, or BOI, went into effect last year, but went through the court systems before going back into effect last month.
Lobina says the form is pretty simple to fill out and can be done online, there are just a few things you will need
"Before you do that you need to make sure that you have information like your social security number, your federal employer ID number which you get through the IRS, and the addresses of anyone that is an owner in your business and the front and back of their driver's license or passport," Lobina tells KFEQ Hotline host Barry Birr.
The BOI is a federal requirement introduced under the Corporate Transparency Act that mandates businesses share information to help enhance transparency and combat financial crimes.
Lobina says many business owners she talks to about this form believe that it's something they have already filled out
"Like well I probably did that when I started my business," Lobina explains. "And I'm like no if you started your business more than a year ago you probably did not do this, because it didn't exist before that."
Lobina says owners need to get this done by the deadline. . .
"You may disagree with it or think that it's silliness, but either way it is a requirement and therefore as a business owner you need to be responsible and do what you've got to do in order to stay compliant so that you don't get yourself in a bind later on with some serious penalties, which include jail time as well as fines and fees," Lobina says.
The deadline to file is March 21st.
You can follow Matt on X @KfeqMatt and St. Joseph Post @StJosephPost.