Greetings,
I wanted to ensure you knew of a NEW requirement for business owners regarding the Beneficial Ownership Information Report. Please take a few moments to read the information below, and if you find you are required to act on this, I would like to refer you to The Walls Law Group for assistance.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information (BOI) reports on January 1, 2024. The Corporate Transparency Act, enacted in 2021 as an anti-money laundering measure, requires most small businesses in the U.S. to report information about the individuals who ultimately own or control them.
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
Existing companies: Reporting companies created or registered to do business in the U.S. before January 1, 2024, must file by January 1, 2025.
Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.
Generally, reporting companies must provide four pieces of information about each beneficial owner:
Name
Date of birth
Address
The identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.
The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”).
FinCEN’s Small Entity Compliance Guide walks small businesses through the requirements in plain language. Filers can also view informational videos and webinars, find answers to frequently asked questions, connect to the contact center, and learn more about how to report at www.fincen.gov/boi.
I have been working closely with The Walls Law Group for several years, and I trust that they will be able to provide the best assistance for you on this matter. Please contact them at 919.647.9599 https://www.wallslawnc.com.
Wishing you a wonderful spring!
Sincerely,
Anthony Hoffmaster, CPA, CES, MST
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