Thursday, June 06, 2024
As of January 1, 2024, certain businesses must comply with the Beneficial Ownership Information reporting rule established by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. This compliance guide is designed to assist small entity business owners in navigating the new regulations and ensuring that their businesses meet all reporting obligations.
Beneficial Ownership Information reporting mandates that certain business entities disclose information about the people who own or control them (beneficial owners) and confident individuals who have applied to create or register the business (referred to as company applicants).
This regulation is part of a broader effort to enhance transparency and prevent illegal financial activities, such as money laundering and terrorism financing.
Reporting entities must provide detailed information about their beneficial owners and company applicants. This includes:
Entities formed or registered on or after January 1, 2024, but before January 1, 2025, have 90 days after their formation or registration to file.
Entities formed or registered on or after January 1, 2025, have 30 days after their formation or registration to file.
Existing entities (formed or registered before January 1, 2024) must file by January 1, 2025.
Business owners must file BOI reports electronically via FinCEN's secure filing system, available on the FinCEN website. This system provides a streamlined process for submitting the required information.
Compliance with BOI reporting requirements is not optional. Failure to comply can result in significant civil and criminal penalties, including fines and potential imprisonment for willful non-compliance. Additionally, compliance supports the global fight against financial crimes and creates a more transparent and secure business environment.
If you require assistance with BOI reporting or have questions about whether your business needs to file, our accounting firm is here to help. Our team of compliance experts can guide you through the process, ensure accurate reporting, and help your business meet all regulatory requirements. Contact us today to learn more about our services and how we can support your business's compliance efforts.
Remember, compliance is not just about meeting legal obligations—it's also about safeguarding the integrity of your business and contributing to the global effort to prevent financial crimes. Ensure your business is prepared and compliant by the designated deadlines.
For more information and to get your filing started , visit FinCEN's website directly to discuss your business's specific needs and how we can assist.
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Disclaimer:This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.