Who owns that business?
That should be an answer that is easy for any business to provide. After all, don’t all employees know who the “big boss” is?
So, why on earth did companies balk at the Beneficial Ownership Information (BOI) requirement of the U.S. Corporate Tax Transparency Act? And why did it come to a screeching halt over a tweet?
The tweet that ended it all
On March 1, 2025, Terrence K. Williams tweeted at Elon Musk, asking him to look into the BOI. Williams said, “I just received an email saying I must fill out Beneficial Ownership Information Report every year or be fined over 591 dollars a Day + 10k fine and Prison time.”
To keep reading, click here: The Very Weird End of Beneficial Ownership Information (BOI) Reporting
