Mandate for all small business nutrition owners

IMPORTANT FILING REQUIREMENTS FOR RDNS WHO OWN A NUTRITION BUSINESS!

All RDNS who own small business must file a Beneficial Ownership Information(BOI) Report by January 1, 2025 if created before January 1, 2024.  For those formed in 2024, see the information on filing deadline.  If you do not file,  you risk a financial penalty.  Read the below from the MNT Provider November 2024.

Do RDNs need to file Beneficial Ownership Information (BOI) Reports?

Yes. As a result of the 2021 Corporate Transparency Act, aimed at increasing transparency in ownership and preventing misuse of shell companies, if you own or control 25% or more of a company formed by filing with a state or equivalent office, you must file a BOI report, unless an exemption applies.

There is no specific exemption for health care companies or small practices. However, "large operating companies"are exempt if they have more than 20 full-time U.S. employees, a physical U.S. office and reported over $5 million in gross receipts or sales on their most recent federal tax return. For more exemptions, visit the Financial CrimesEnforcement Network (FinCEN).

Key filing deadlines:

Companies existing before January 1, 2024, must file their initial BOI report by January 1, 2025.

Companies created in 2024 must file within 90 days of formation.

Companies formed in 2025 or later must file within 30 days of creation.

An updated report is required within 30 days of any changes to the reported information.

Each company must report the following for each beneficial owner:

Legal name

Birthdate

Residential address

Unique ID number (from passport, driver's license, or state ID) and a copy of the document

Additionally, companies created in 2024 or later must provide information about company applicants.

BOI reports must be filed through the Department of Treasury's FinCEN website or select third-party providers. Please note, the FinCEN website may not support mobile filing.