by Blair Butters | Aug 5, 2024 | Tax Planning
Addendum: Beneficial Ownership Information (BOI) Reporting Update In light of a federal court order issued on December 29, 2024, reporting companies are currently not required to file Beneficial Ownership Information (BOI) reports with FinCEN and will not face liability for failing to do so while the order is in effect. However, companies may choose to voluntarily submit their BOI reports during this time. For more information, consult the Financial Crimes Enforcement Network (FinCEN) website or reach out to your tax professional. At the beginning of 2024, the U.S. Government started requiring U.S. companies and many small businesses to file Beneficial Ownership Information (BOI). In this blog post, we detail the following BOI information, so you know where you and your company stand: What is Beneficial Ownership Information (BOI)? Who needs to file? When are the filing deadlines? Recent Legal Changes How to file a BOI As always, contact your Accounting and/or Legal counsel for information specific to your company. What is Beneficial Ownership Information (BOI)? Beneficial Ownership Information refers to data that identifies the individuals who ultimately own or control a legal entity (think corporations, LLCs, and other similar entities). The purpose of collecting this information is to prevent and combat money laundering, terrorist financing, and other illegal activities that can be facilitated through anonymity in corporate structures. The Corporate Transparency Act (CTA), enacted as part of the broader Anti-Money Laundering Act of 2020, introduced new reporting requirements aimed at enhancing transparency and curbing illicit financial activities. A key component of the CTA is the Beneficial Ownership Information (BOI) filing requirement, which affects a significant number of small business entities in...
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