New BOI reporting requirements for 2024. Most businesses are required to file (please see links for 23 exempt entity types). Penalties for non-filing are severe...
Please see my earlier blog article posted 1-31-24 & info in my 10-31-24 tax planning blog
2024 - New Reporting Requirement for Small Businesses | Garland Taylor CPA, PC
Or see the Beneficial Ownership Information (BOI) website
Beneficial Ownership Information Reporting | FinCEN.gov
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UPDATE at 12/19/24 --> the US legislature is considering delaying the BOI reporting requirement for a year. But... that isn't settled as yet. So it is recommended that you just file by the above original deadline.
Again, see exceptions for some businesses, especially some/many sole proprietorships (that didn't create the legal entity with a secretary of state. see faq C6).
Is a sole proprietorship a reporting company? No, unless a sole proprietorship was created (or, if a foreign sole proprietorship, registered to do business) in the United States by filing a document with a secretary of state or similar office. As per faqs C6...
https://www.fincen.gov/sites/default/files/shared/BOI-FAQs-QA-508C.pdf
BOI reporting deadline extension in doubt; AICPA urges action
UPDATED AGAIN --> 12-30-24
There are court cases pending, regarding filing requirements. Please see this link
Just ask, if you have questions!
Garland
Garland Taylor CPA, Pres. Garland Taylor CPA, PC
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