10/07/2024
📢 Important Reminder for Business Owners: BOI Reporting Deadline is Approaching! 📢
Attention all business owners! The Beneficial Ownership Information (BOI) Reporting requirement is an important update for your business compliance in 2024.
🔍 What is BOI Reporting? The BOI Reporting is a new federal mandate that requires businesses to disclose information about the individuals who own or control at least 25% of the company. This is part of the Corporate Transparency Act aimed at improving transparency and reducing illegal activities such as money laundering. You only have to file once, unless your business has ownership updates.
🗓️ Key Deadlines:
***Companies formed before January 1, 2024: The deadline to file the initial BOI report is January 1, 2025.
***Companies formed in 2024: The deadline to file the initial BOI report is 90 calendar days after the company receives notice of its creation or registration.
***Companies formed on or after January 1, 2025: The deadline to file the initial BOI report is 30 calendar days after the company receives notice of its creation or registration.
Don't wait until the last minute—make sure your business is compliant with this important new rule!
Penalties for failing to file a Beneficial Ownership Information Report (BOIR) or providing false or inaccurate information:
Civil penalties: Up to $591 per day for each day of violation
Criminal penalties: Up to $10,000 fine and/or up to two years in prison
💼 Who Must File?
LLCs
Corporations
Limited Partnerships
Other entities that file a document with a secretary of state to do business in the US
💡How Can We Help? We can help you navigate these new reporting requirements and ensure your business is compliant. Let us handle the paperwork while you focus on running your business!
Or you can file yourself for free at the Financial Crimes Enforcement Network (FINCEN) website: https://boiefiling.fincen.gov/fileboir
Reach out to us today to learn more or to schedule a consultation.
📞 972-617-6548
📧 [email protected]
🌐 www.mycommunitytaxagency.com
We provide quality and efficient services in the areas you need the most! Our tax and business experts are experienced and well versed and possess the qualifications to advise you on personal & or business tax matters.