URGENT MESSAGE for all small business owners – Beneficial Ownership Reporting Requirement deadline is in a few days!
Home » Blog » Announcements » URGENT MESSAGE for all small business owners – Beneficial Ownership Reporting Requirement deadline is in a few days!
December 24, 2024
Most U.S. LLC and Corporation owners need to submit to FinCEN the Beneficial Ownership Information Reporting (BOIR) ASAP
Beneficial Ownership Information Reporting is now due. There’s been lots of news about the BOIR recently. A recent court injunction order suspended the reporting requirement, however, that decision was stayed pending the government’s appeal, which means that the reporting requirements are still in effect. This means you need to file NOW.
What’s Beneficial Ownership Information Reporting?
What is It?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a reporting company.
Most small businesses are considered reporting companies.
Why?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
When?
– A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report. (Just extended to January 13, 2025).
– A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
– A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
What information is needed?
Legal name, trade names, address, jurisdiction of formation, and Taxpayer Identification Number (TIN), as well as information about each beneficial owner, which includes their full name, date of birth, residential address, and identifying number from a government-issued ID like a driver’s license or passport; an image of the ID document may also be required.
It is estimated between 60 to 90 minutes are needed for the filing.
Not sure if you need to file?
Most small businesses are required to complete the filing. You may complete the filing by clicking the link below. Don’t wait until the last day. Many businesses have not filed and it is anticipated that the government’s webpage may get overloaded.
Need to speak to us about your filing requirement? Call the office immediately and schedule a call. (954) 507-7220
DO NOT WAIT. Daily fines of up to $591 will be assessed for not filing.
