Look, More Filing Requirements for Small Business Owners!

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Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN).

The statement notes that beginning in 2024, "many entities created in or registered to do business in the United States will be required to report information about their beneficial owners – the individuals who ultimately own or control a company – to FinCEN."

1. Electronic Filing: Starting from January 1, 2024, BOI reports must be filed electronically using FinCEN's secure filing system. FinCEN will store this information in a centralized database with high-security measures.
2. Filing Deadlines:
   • Reporting companies created or registered before January 1, 2024, have until January 1, 2025, to file their initial BOI reports.
   • Reporting companies created or registered on or after January 1, 2024, must file their initial BOI reports within 30 days of receiving notice of their company's creation or registration.
3. Additional Information: You can find more information about BOI reporting on the FinCEN website (www.fincen.gov/boi). There, you can also access frequently asked questions (FAQs) related to BOI reporting (www.fincen.gov/boi-faqs). If you have specific questions about BOI reporting obligations, you can contact FinCEN through their website (www.fincen.gov/contact).
4. Guide Contents: The compliance guide includes six key questions to help you understand and comply with the Reporting Rule. Each question has its own chapter in the guide. It also includes interactive flowcharts, checklists, and other resources to assist in determining whether your company needs to file a BOI report and how to comply with the reporting requirements. The guide will be periodically updated with new or revised information.

If you have any specific questions or need more detailed information about any aspect of BOI reporting, you should refer to the provided resources and contact FinCEN for assistance.

If ever you’re feeling overburdened by your tax situation or you’d rather be doing something else with your time, just remember we’re here to help you with all of your tax preparation, resolution/representation needs.  Now and in the future. Don’t put off addressing your tax situation. Feel free to contact us or message us with any questions you may have in approaching your specific tax scenario.