In addition to Beneficial Ownership Information (BOI) reporting, businesses have several other reporting requirements to comply with various federal, state, and local regulations. These requirements vary based on the nature, size, and location of the business. Here are some of those key reporting requirements.

1. Tax Reporting

These are some of the federal taxes that businesses must file.

• Income Tax Returns: Businesses must file annual income tax returns with the Internal Revenue Service (IRS). Forms vary depending on the business structure (e.g., Form 1120 for corporations, Form 1065 for partnerships, Form 1120-S for S corporations).
• Employment Taxes: Employers must report and pay Social Security, Medicare, and federal unemployment taxes. This includes filing forms such as Form 941 (quarterly) and Form 940 (annually).
• Information Returns: Businesses must file information returns such as Form 1099-MISC for payments made to independent contractors and Form W-2 for employee wages.

There are also mandated state and local taxes.

• State Income Tax: Businesses operating in states with income tax must file state income tax returns.
• Sales and Use Tax: Businesses that sell goods and certain services must collect sales tax and file periodic returns with the state revenue department.
• Property Tax: Businesses owning property must report and pay property taxes to local governments.

2. Financial Reporting

Publicly traded companies must file annual financial statements with the Securities and Exchange Commission (SEC) on Form 10-K, and quarterly statements on Form 10-Q. Many businesses, especially larger corporations and those in regulated industries, must undergo annual audits and submit audit reports to relevant authorities or stakeholders.

3. Employment and Labor Reporting

Businesses must report newly hired employees to the state directory of new hires. Employers with 100 or more employees (or federal contractors with 50 or more employees) must file the Employer Information Report EEO-1 annually, detailing workforce demographics.

Businesses must report work-related injuries and illnesses to the Occupational Safety and Health Administration (OSHA) through forms such as Form 300 (log of work-related injuries) and Form 300A (summary of work-related injuries).

4. Environmental Reporting

Businesses that handle hazardous materials or engage in activities that impact the environment must report to the Environmental Protection Agency (EPA). This includes filing forms related to emissions, waste disposal, and chemical storage. Similar reporting may be required by state environmental protection agencies.

5. Industry-Specific Reporting

Are you in an industry with broad implications for people’s finances, health, or connectivity? You might have additional regulations specific to your industry.

• Financial Services: Banks, broker-dealers, and other financial institutions must file various reports with regulatory bodies such as the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Financial Industry Regulatory Authority (FINRA).
• Healthcare: Healthcare providers must comply with reporting requirements under the Health Insurance Portability and Accountability Act (HIPAA) and submit cost reports to the Centers for Medicare & Medicaid Services (CMS).
• Telecommunications: Companies in the telecommunications sector must file reports with the Federal Communications Commission (FCC), such as Form 477 (broadband deployment and subscription data).

6. International Reporting

U.S. persons, including businesses, must file FinCEN Form 114 if they have a financial interest in or signature authority over foreign financial accounts exceeding $10,000. Similarly, U.S. businesses with foreign assets may need to file Form 8938 to report specified foreign financial assets.

7. Corporate Governance Reporting

Many states require corporations and LLCs to file annual or biennial reports, providing updates on business address, officers, and directors. Corporations are often required to maintain minutes of board meetings and annual shareholder meetings.

8. Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance

Financial institutions and other businesses subject to AML regulations must file Suspicious Activity Reports (SARs) with FinCEN when they detect potentially suspicious transactions. Businesses must also implement Customer Due Diligence (CDD) procedures to verify the identity of their customers and understand the nature of their transactions.

9. Compliance and Record-Keeping

Businesses must maintain accurate and complete records of all required filings and reports. These records should be kept for specified periods, typically ranging from three to seven years. Implementing robust internal controls and compliance programs can help ensure timely and accurate reporting.

In short: businesses must comply with various federal, state, and local reporting requirements beyond BOI reporting. These include tax filings, financial disclosures, employment reports, environmental submissions, industry-specific reports, international compliance, corporate governance filings, and AML/KYC obligations. Proper understanding and adherence to these requirements are essential for legal and regulatory compliance.