01/06/2025
BUSINESS OWNERS. Make sure you are aware of this NEW filing. If you are not sure, check with your accountant. While there have been some wrangling in the courts the last ruling on December 27th said we still needed to report. ALSO be AWARE if you Google this there are “Sponsored” posts that look very official that want to charge you to file for you. That is not necessary. There should be no fee to file this. Here is the correct link.
https://www.fincen.gov/beneficial-ownership-information-reporting-rule-fact-sheet
A "BOI" (Beneficial Ownership Information) report must be filed by any "reporting company," which is defined as a corporation, limited liability company (LLC), or other similar entity created by filing a document with a Secretary of State or comparable office, essentially meaning most businesses formed in the U.S. need to file a BOI report, unless they qualify for a specific exemption; this requirement is outlined under the Corporate Transparency Act (CTA).
Key points about BOI reporting:
Who needs to file:
Domestic and foreign corporations, LLCs, and other entities created by filing documents with a Secretary of State.
Who to file with:
The BOI report is filed with the Financial Crimes Enforcement Network (FinCEN).
What information is included:
The report includes details about the beneficial owners of the company, such as their names, addresses, and dates of birth.
Exemptions from BOI reporting may include: Publicly traded companies, Certain large operating companies, and Tax-exempt non-profits.
September 29, 2022
