October 30, 2024
New Rule from the U.S. Treasury for Small Trucking Businesses
Written by:
Partners Funding Staff
The U.S. Treasury has introduced a new regulation for small trucking businesses. If you own a small trucking company or operate your own truck, you must inform the government about the ownership of your business. This process is known as reporting Beneficial Ownership Information (BOI).
Who Is Required to Report?
• Any new business established this year, such as LLCs, corporations, and partnerships.
• Existing businesses have until the end of 2024 to comply.
What Details Must You Provide?
• Your name, date of birth, address, and an identification document like a driver’s license or passport.
• Your business name, address, and either an Employer Identification Number (EIN) or Social Security Number (SSN).
• Names of individuals who own more than 25% of the business or have significant control over it.
Why Is This Necessary?
The government aims to combat money laundering, which involves concealing illegally obtained money. By identifying business owners, it becomes more challenging for criminals to hide their funds.
Consequences for Not Reporting:
Failure to report can result in a fine of $500 per day and, in severe cases, imprisonment.
Positive News:
The reporting process is straightforward and can be completed online by visiting FinCEN’s BOI e-filing website. https://boiefiling.fincen.gov/
This article was sourced from https://www.overdriveonline.com/business/article/15663261/us-treasurys-new-reporting-r