A reporting is now required by the Financial Crimes Enforcement Network (FinCen) not the IRS.
As of January 1, 2024, a new provision came into effect as part of the Corporate Transparency Act (the CTA) that requires entities, such as Corporations, Limited Liability Companies (multi-member and single member), Limited Liability Partnerships, Limited Liability Limited Partnerships, Business Trusts, Limited Partnerships and other similar entities created or registered to do business in the U.S. by a filing with a secretary of state or similar office to report information about their beneficial owners. This is a BOI report.
This is a report per entity not per beneficial owner.
The deadline to file a BOI report for the entities created prior to January 1, 2024 is January 1, 2025. For entities created during 2024 the deadline to file the BOI report is 90 days from the day of creation or registration of the entity. For entities created on or after January 1, 2025, the deadline to file the BOI report is 30 days from the date of creation or registration.
Once an initial BOI report is completed, any change in previously required information needs to be reported within 30 days of that change.
Penalties for not complying with the CTA reporting requirements are significant. These penalties are a civil penalty of up to $500 per day and/or a criminal penalty of as much as $10,000 and imprisonment for up to two years.
Colbert, Boue and Associates, LLP will not be handling this BOI filing requirement for clients. You have the sole responsibility for your compliance with the CTA including its BOI reporting requirements. We shall have no liability resulting from your failure to comply with CTA and its BOI reporting.
Information regarding the BOI reporting requirements can be found at https://www.fincen.gov/boi. This website provides information on what is needed and how to file the report yourself.
FinCen estimates that filings for entities with simple beneficial ownership structures should take 90 minutes per response and those with complex structures could take nearly 11 hours. FinCen expects filings from 32.6 million entities in the first year.
We strongly recommend that you consult legal counsel or another provider that is handling the filing of these reports to determine if you will file the reports yourself or seek assistance.
We have confirmed that the following references are preparing the BOI filings:
KSDT CPA’s - Ron J Abraham, CPA, CAA, MST - 305-670-3370 - email: BOI@usragents.com
