Have you heard about the new, required Federal government reporting requirement called the BOI (Beneficial Ownership Information Report)?
The Financial Crimes Enforcement Network (aka FinCEN) is a new arm of the Department of the Treasury that was created to capture illicit businesses and money laundering operations. Beginning in 2024, almost all small businesses structured as a pass-through entity have to report information details about the owners of these businesses. Non-compliance is subject to very high penalties. Most LLC’s, S Corporation, or other entities (i.e. Partnerships and certain Trusts) may be required to complete these reports. If your LLC or Corporation was created prior to January 1, 2024 then you have until the end of 2024 (almost a full year) to submit the report. If your entity was created after January 1, 2024 or will be created this year then you must submit the report within 90 days of the entity being official.
If you have questions about FinCEN or if you are not certain if your entity needs to submit a report, please contact Anthony W. Imbimbo, CPA at anthony@awicpa.com or 619-497-1040. I can help and I can also submit the report on your behalf if you like.
I understand and am empathetic that this new requirement is placing an unnecessary and additional burden on small businesses. While I personally do not agree with the additional oversight this new compliance regulation brings to the federal government, I do want to help your business get the report submitted so you can get back to running your entity.