At The Romine Group, we pride ourselves on keeping you informed about crucial regulatory changes that may impact your business operations. Today, we’re shedding light on the Corporate Transparency Act and its implications, particularly regarding Beneficial Ownership Information (BOI) reporting.
So, what exactly does this mean for you?
The Corporate Transparency Act mandates that entities must report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). But who exactly is required to file these reports? In short, all domestic and foreign entities that have filed formation or registration documents with a US state are obligated to submit BOI reports unless they qualify for one of the 23 exemptions outlined in the Act.
- Entities established before January 1st, 2024, you have until January 1st, 2025, to file the initial BOI report.
- Entities formed between January 1st, 2024, and December 31st, 2024, have a 90-day window.
- Entities established from January 1st, 2025, onward must adhere to the standard 30-day filing period.
What information is required for this report?
You’ll need to provide details such as the business name, address, Employer Identification Number (EIN), and comprehensive owner information, including addresses, social security numbers, and birth dates.
What happens if you don’t comply?
Failure to adhere to BOI filing requirements can result in civil penalties of up to $500 per day and criminal penalties of up to $10,000.
To ensure you’re equipped to navigate these requirements seamlessly, our business clients will receive a detailed letter soon, providing further insights into BOI reporting. Rest assured, our team is here to address any questions or concerns you may have.
For our clients embarking on business ventures such as forming an LLC, it’s crucial to be aware of your filing obligations under BOI regulations. We’re committed to guiding you through this process every step of the way.
If you have any questions or need assistance with BOI reporting or any other financial matters, don’t hesitate to reach out to The Romine Group today. We’re here to help you navigate regulatory changes and ensure compliance for your peace of mind. While taxes and compliance may be certainties in life, with The Romine Group by your side, navigating these complexities becomes more manageable.
Thank you for entrusting us with your financial well-being.
Remember, there are two certainties in life: “Death and taxes, and we do taxes.”