News and Updates
02
Mar
Mar
BOI Reporting is Back On
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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22
Jan
Jan
Child Tax Credit Increasing?
A bipartisan group of Senators and Congressmen on Capitol Hill are currently negotiating a bill that includes increasing the Child Tax Credit from $2,000 to $3.6000. A vote on this bill is expected by the end of January and if passed and made retroactive for 2023 the IRS will need to update their forms and systems.
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04
Jan
Jan
Important Information For Business Owners On The Corporate Transparency Act
The Corporate Transparency Act (CTA) took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business entities. Government law enforcement and security agencies will use this data to help combat money laundering, tax evasion, terrorism, and other crimes. This information will not be available to the public.
Corporations, LLCs, and other entities subject to the CTA are called “reporting companies.” People who form new reporting companies after January 1, 2024 must file a Beneficial Ownership Information (BOI) report with the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 days of forming the company. The owners of reporting companies created before 2024 must also file a BOI report, but they have until January 1, 2025 (but think December 31, 2024). The fine for not filing a BOI before the appropriate deadline is up to $500. Per. Day.
The BOI report must contain the following information for the reporting company:
