Please carefully review the information below to determine if this report applies to you or your business. This report is informational only - no payments or taxes are due, but please pay close attention to the filing deadlines, as penalties for non-compliance are substantial. You may follow online for all updates for both filing and hurricane extension dates at https://fincen.gov.boi  . Currently there are ongoing litigations regarding the new required filing. However, the responsibility is yours to follow and take action. If you filed with us for tax year 2023 you may also find the instructions on the first few pages of your return.

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Beneficial Ownership Information (BOI)

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New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

This letter is to make you aware of reporting requirements that go into effect on Jan. 1, 2024,

that may require your business entity to report its beneficial ownership information to the

Federal government.

 

Beginning on Jan. 1, 2024, many companies in the United States will be required to comply

with the Corporate Transparency Act (CTA) and 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).

FinCEN is a bureau of the U.S. Department of the Treasury.

 

NOTE: This will be a free filing that companies can complete themselves. Be wary of

official-looking mail from a third-party company offering to complete the beneficial

ownership reporting on behalf of your company for a fee.

 

Do I Need to Report?

 

Most businesses are small businesses that may need to file. Your company may need to

report information about its beneficial owners if it is:

 

1. A corporation, a limited liability company (LLC), or was otherwise created in the United

States by filing a document with a secretary of state or any similar office under the law of a

state or Indian tribe; or

2. A foreign company and was registered to do business in any U.S. state or Indian tribe by

such a filing

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How Do I Report?

 

Reporting companies will have to report beneficial ownership information electronically

through FinCEN’s website: www.fincen.gov/boi.

 

When Do I Report?

 

Reports will be accepted starting on Jan. 1, 2024.

 

• If your company was created or registered before Jan. 1, 2024, you will have until Jan. 1, 2025, to report BOI.

• If your company is created or registered on or after Jan. 1, 2024 and before Jan. 1, 2025, you

must report BOI within 90 days of notice of creation or registration.

• If your company is created or registered on or after Jan. 1, 2025 you must report BOI within

30 days of notice of creation or registration.

• If there is any change to the required information about your company or its beneficial

owners in a BOI report that your company filed, your company must file an updated BOI

report no later than 30 days after the date on which the change occurred. The same 30-day

timeline applies to changes in information submitted by an individual in order to obtain a

FinCEN identifier. A reporting company is not required to file an updated report for any

changes to previously reported personal information about a company applicant.

 

There are significant penalties for missing filing deadlines, including criminal (fines and/or

imprisonment) or civil (monetary) penalties. There is a $500 per day penalty, up to $10,000,

and imprisonment of up to two years for the WILLFUL failure to timely file initial or

updated reports.

 

Currently, assisting with compliance and or filing of the CTA, including BOI reporting, is

not within the scope of services we provide. It will be your exclusive responsibility to

comply with CTA, including its BOI reporting requirements. Information can be found at

https://www.fincen.gov/boi. Please consult with legal counsel on

additional questions and or concerns regarding how BOI reporting requirements and issues

affects your company.

 

Finally, we wish to emphasize that we are sending you this letter to make you aware of these

new current reporting requirements, associated risks, and suggest you contact legal counsel to

assist you with the CTA and related BOI filings for entities that you own or control.

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Sincerely,

Tax Savvy

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