As you may recall, we previously mentioned the new requirement for most businesses to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Well, this “requirement” has been on quite the rollercoaster ride—delayed, reinstated, delayed again, and finally pulling a rabbit out of the hat, has been reinstated once again by the Supreme Court . Honestly, at this point, we have no idea if or when this issue will actually be finalized or resolved.
News and Updates
25
Nov
Nov
Businesses and LLCs – Your CTA Time Is Running Out!
In January of this year we sent an email to all of our clients about the new reporting requirement created by the Corporate Transparency Act (CTA). Well, the rubber has hit the road. If you or a loved one owns a business or is a member of an LLC, the time is now to make sure you’ve filed these ownership disclosures with Uncle Sam. Let me emphasize that failing to fill out this form is a potential felony with two years of prison time, plus a potential daily penalty over $500.
Reporting is done with a special electronic filing with the Treasury Department’s Financial Crimes Enforcement Network (Not the IRS). The reporting requirement are as follows:
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