New FinCEN BOI filing requirements - Deadline 1-13-2025

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.

If your business is a sole proprietorship activity, then you more than likely would not need to report, but this does apply to most limited liability companies (LLC), Partnerships, and Corporations.

For most of you that these reporting requirements apply to, you must act urgently, because most of your companies have been in existence since before January 1st, 2024.  See the deadlines as outlines below:

In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN. However, because the Department of the Treasury recognizes that reporting companies may need additional time to comply given the period when the preliminary injunction had been in effect, we have extended the reporting deadline as follows:

• Reporting companies that were created or registered prior to January 1, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)

• Reporting companies created or registered in the United States on or after September 4, 2024 that had a filing deadline between December 3, 2024 and December 23, 2024 have until January 13, 2025 to file their initial beneficial ownership information reports with FinCEN.

• Reporting companies created or registered in the United States on or after December 3, 2024 and on or before December 23, 2024 have an additional 21 days from their original filing deadline to file their initial beneficial ownership information reports with FinCEN.

• Reporting companies that qualify for disaster relief may have extended deadlines that fall beyond January 13, 2025. These companies should abide by whichever deadline falls later.

• Reporting companies that are created or registered in the United States on or after January 1, 2025 have 30 days to file their initial beneficial ownership information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.

I am sharing very important information that affects most businesses legally and consequently if not done, then it carries monetary penalties and imprisonment.

• $591 per day in civil penalties,

• $10,000 in criminal penalties, and

• up to two years in prison.

  
  

This is very serious, so please ensure that you have completed the filing to report the beneficial ownership information for all your limited liability companies (LLC), Partnerships, and Corporations that you own or that you have interest in.  Follow up with other members to ensure that this was done in case that you are a passive member, partner, or owner.

Here is the link to complete the report online:

BOI E-FILING

This reporting requirement is not part of your tax return reporting or other state reporting requirements, and as such is not a tax related service that would be included in our bill for tax returns preparation services, but I am offering the service as a separate service to complete it for those of you who rather not have to go and try to figure out how to complete and file the report correctly.  Call 240-426-2370 or contact us via email to moonlightm7@aol.com to request and provide us with the information needed to complete the reporting.