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Q&A - New 2024 Federal Report Filing Requirement - Beneficial Ownership Information (BOI)

There is a new federal report filing requirement for LLC owners called Beneficial Ownership Information Report (BOIR).  For business entities that existed on 1/1/2024, the due date for the electronically filed report is December 31, 2024.  Business entities created after 1/1/2024 have 90 days to file a BOI Report.  For good measure, we've included some Q&A on this topic below. 
 
You are welcome to self-prepare and electronically file BOI Reports online.  If you do this, please upload a copy of the BOI Transcript to the client portal.  This will allow us to assist you should you receive a Notice or Letter from the Department of Treasury, Financial Crimes Enforcement Network (FinCEN).  
 
Please notify support@adkincpa.com should you have any questions on this topic or if you would like to request service to prepare and electronically file the 2024 BOI Report(s) for your business(es).   

   
Q&A - New 2024 Federal Report Filing Requirement - Beneficial Ownership Information (BOI)    

1) Why The New Report?    

The Corporate Transparency Act (CTA) now requires that companies report beneficial ownership information (BOI) to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).     

   

2) Who Are Beneficial Owners?   

Beneficial Owners are individuals who own or control at least 25% of a company or exercise substantial control over its operations.  Examples of report information include: names, dates of birth, addresses, identification numbers etc.    

   

3) When Must BOI Reports be Filed?    

For entities in existence as of December 31, 2023, reports are required to be filed by 12/31/2024.  New entities formed on or after January 1, 2024, have 90 days from the date of formation to file their initial beneficial ownership reports, and entities formed on or after January 1, 2025, have 30 days from the date of formation to file their initial beneficial ownership reports.  Once an initial report has been filed, any change in the beneficial ownership information contained in that report will require an amendment that must be filed within 30 days after such change.     
   
 

4) Are There Penalties for Non-Compliance?   

Yes.  Failure to comply with these requirements is a felony and could result in fines and/or imprisonment.  Based on current guidance, fines are estimated to be approximately $500 per day after the due date. 

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