Firstbase’s Post

Effective January 1, 2024, many small businesses – including a good number of RIA firms – will be required to submit a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network, US Treasury (FinCEN). With the deadline for pre-existing companies to file an initial report approaching on January 1, 2025 (and even sooner for newer companies formed during 2024), many will benefit from a deeper understanding of the new BOI reporting requirements: -Which businesses are required to submit a report -Which individuals associated with the company are considered "beneficial owners" for BOI reporting purposes -What information will need to be gathered to submit with the report Article by Ben Henry-Moreland, CFP®, EA: https://bit.ly/3OSo0o6 #advicers

Attention business owners! Have you heard about the Corporate Transparency Act (CTA) and the new requirement to report information to FinCEN about individuals who own or control your company? If you're unsure about when to file, take note. Companies formed this year have 90 days to file, while existing companies have until December 31, 2024. For those in the latter group, our recommendation is to wait until Q4 to file. Why wait? First, there is no benefit to filing early. Once you file, you must report any changes to ownership. Second, there is currently a lawsuit against the Treasury Department arguing that the CTA is unconstitutional. If successful, this could kill the filing requirement altogether or at least delay it while FinCen revises the rules to comply with any final order. Finally, even if the lawsuit is unsuccessful, FinCen is still providing updates and additional guidance. So it's better to wait until more information is available. Stay informed and be prepared.

Here is some helpful guidance from my partner regarding the new Corporate Transparency Act:

#FinCEN has recently updated its Beneficial Ownership Information FAQs. The recent update provides, among other things, essential clarifications on reporting obligations for companies created or registered in 2024 but thereafter cease to exist. According to the new guidance, companies formed or registered in 2024 are required to submit their BOI report to FinCEN within 90 days of receiving actual or public notice of their creation or registration. Notably, even if these companies cease to exist, the obligation to report does not disappear. Anyone whom a reporting company authorizes to act on its behalf may file a BOI report on the ceased company's behalf. https://lnkd.in/eDVJ5nYJ

Business owners, you should know these abbreviations: BOI, CTA, FinCEN. If you do not know about the Corporate Transparency Act (#CTA), please learn about it at FinCEN.gov or consult your #accountant or #attorney to find out if you are required to file a Beneficial Ownership Information (#BOI) report .

📢 Important Update for 2024 Companies! FinCEN has extended the deadline for submitting initial reports for companies established in 2024 by 90 days. Here’s what you need to know: New Deadline: 2024-formed companies now have 90 days from their creation date to file reports, instead of 30 days. Who’s Affected: This applies specifically to companies established in 2024. Existing Deadlines: Companies formed before 2024: Deadline is January 1, 2025. Companies formed after January 1, 2025: Deadline remains 30 days from establishment. Why This Change? To give 2024-formed companies more time to understand the guidelines and access resources at https://www.fincen.gov/boi. Need Assistance? For questions or help with these reporting requirements, visit FinCEN Contact or reach out to our team here: https://lnkd.in/eif-N6s . . #summersgillcpa #FinCEN #BusinessUpdate #2024Compliance

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Having a #FinCEN ID can simplify and streamline the BOI reporting process while allowing entities or individuals to submit required information directly to FinCEN instead of having to report the information to each company owned. It also increases security and transparency in financial transactions. Learn More: https://zurl.co/RiBN #BermanHopkins #CPAs #TaxTipTuesday

!!The Corporate Transparency Act goes into effect TODAY!! Is your small business one of the many who will need to file a Beneficial Ownership Information Report (BOIR) with FinCEN (US Dept. of Treasury)?!?! Existing companies have one year to file. Newly formed companies as of today have 90 days to file if they meet the criteria. Review the FAQ section to see if this applies to you!! https://www.fincen.gov/boi

Most businesses are now required to file a Beneficial Ownership Information Report starting in 2024. FinCEN has prepared Frequently Asked Questions (FAQs) in response to inquiries received relating to the Beneficial Ownership Information Reporting Rule. https://lnkd.in/gmCFrVrv Existing businesses that were formed before January 1st, 2024, must file before January 1st, 2025. New businesses that are formed on or after January 1st, 2024 must file within 90 days of business formation Starting January 1st, 2025, new businesses that are formed will have 30 days to file. If you would like to take advantage of this offer from CorpNet, please visit the link below and click the "Submit Beneficial Ownership Report" at the top of the page. https://lnkd.in/gg4YaEZh