10/25/2024
NEW BOI Reporting is Mandatory for LLC’s. S-Corps, Partnerships & C-Corps
If you do not have an LLC, S-Corp, Partnership or C-Corp you can disregard this email.
As of January 1, 2024,Financial Crimes Enforcement Network (FinCEN) is requiring most companies (LLC, S-corps, C-corps, Partnerships) to report information to FinCEN about the individuals who ultimately own or control them.
Effective January 1, 2024, all US and foreign companies that were formed in or have registered with any of the 50 US states must comply with new Beneficial Ownership Information (BOI) reporting requirements from the Financial Crimes Enforcement Network (FinCEN), as prescribed by the Corporate Transparency Act(CTA). More information may be found on the official website of the United States Government (https://www.fincen.gov/boi)
If this is something you have already done or want to do on your own, you can ignore the rest of this email. This is not a service that we can assist you with, but we are pleased to announce that we have teamed up with FileForms to ensure seamless filing and reporting of the required information. We have extensively vetted this company and feel that partnering with a proven company is best for you as we navigate these new reporting requirements.
About Beneficial Ownership Information Reports
Who must file?
Most Corporations, S-Corporations, LLCs, and limited partnerships will likely need to file a BOI report, but some business structures are exempt.
Who is a beneficial owner?
· Anyone who possesses or exercises control over twenty-five percent or more of the voting stock or equivalent of the company is also considered a beneficial owner.
· Any individual who, directly or indirectly, can exercise substantial influence over the reporting firm is considered a “beneficial owner.” Chief Executive Officer, President, and General Counsel are all examples of such high-ranking personnel.
When is the deadline?
· If a company was formed before January 1, 2024, then the initial report is due no later than January 1, 2025.
· If a company is created on or after January 1, 2024, then the initial report is due within 90 days of the date the entity is created.
What happens if I do not file?
· There are penalties of $591 per day and up to $10,000 per entity with civil and criminal penalties to follow for continuing to miss deadlines.
Create your account and file now! https://register.fileforms.com/partner-file-now-cta-v2/?RR_WCID=3C715E78-56EA-41E2-B249-1D66BD7E1E74&RR_WCID_TTL=396&REFERRALCODE=87588564&utm_campaign=Referral+Program
If you have any questions regarding our partnership with FileForms or the new BOI reporting requirements contact FileForms directly at +1-888-515-FILE or email them at [email protected]
I appreciate your business and look forward to assisting you as we navigate these new requirements together.
Joseph Bruce Hicks
The Freedom Group, Inc.
615-678-6776
As of January 1, 2024, most US and foreign businesses in the US must adhere to the new BOI (Beneficial Ownership Information) reporting rules under the Corporate Transparency Act (CTA) for enhanced national security and anti-money laundering efforts.
