The Beneficial Ownership Information (BOI) report is a federal requirement that was put into place earlier this year, pursuant to the Corporate Transparency Act. The purpose of this requirement is to combat the use of businesses as money-laundering operations.
The ADA has sent emails about this new reporting requirement, and also prepared a helpful information memo — ADA Corporate Transparency Act Information for Dental Practices.
You may also reference this guide from the federal government — FINCEN Small Entity Compliance Guide
Your dental practice must file a Beneficial Ownership Information (BOI) Report if it meets either of the following criteria:
• The practice employs fewer than 20 people; or
• The practice generates less than $5 million (gross receipts) in revenue annually
Filing can be done online and free of charge at https://www.fincen.gov/boi. Dentists who have already filed have reported the process to be straightforward and not too time-consuming. There is also an instructional video to watch if needed.
Existing dental practices must file a Beneficial Ownership Information (BOI) Report by January 1, 2025 (if you haven’t already done so).
For new dental practices formed in 2024, file your BOI report within 90 days of forming your new practice. (Dental practices created on or after January 1, 2025, will be required to file within 30 days of forming your new practice.)
Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. However, if there is any change in the information reported about the reporting company or its beneficial owners, the reporting company must file an updated report within 30 calendar days after the date on which the change occurs.
We encourage you to contact the ADA (see information memo linked above for contacts) with any questions about this new federal requirement.
