Are you aware of the new Beneficial Ownership Information (BOI) Reporting that must be completed by 1/1/25 for existing businesses and within 90 days of starting a new business in 2024?
Effective January 1, 2024, U.S. and foreign entities doing business in the U.S. may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented under the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA) passed by Congress in 2021.
Companies are required to report BOI information only when they meet the definition of a “reporting company” and do not qualify for an exemption. To determine if your entity must report contact your CPA/Business Advisor, or review the details of the document at https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf
Complying is a very simple process and can be completed by visiting https://boiefiling.fincen.gov/ You must report information for each shareholder.
Fines for not complying are steep - up to $500 a day.
Make sure to determine if you are required to report Business Ownership Information (BOI)
