by dmaadmin | Oct 22, 2024 | Accounting, General Tax and Accounting Information, IRS, Tax Planning
The last quarter of the year is exciting and can also be a bit daunting. The weather is cooling, leaves are falling, the holidays are approaching. And then there are all the loose ends to tie up in our businesses that can feel a bit stressful or overwhelming. But what if we told you it doesn’t have to be that way? By doing a little each day, you can set yourself up for success so that you can relax and enjoy one of our favorite times of the year. As we near the end of 2024, there are several tax updates to be aware of and prepare for. And don’t worry, it’s nothing that your tax professional can’t handle but do we kind and give them plenty of time to support. 😉 1. New BOI Filing Requirement (Beneficial Ownership Information): What’s changing: Starting in 2024, certain small businesses will need to file Beneficial Ownership Information with the Financial Crimes Enforcement Network (FinCEN). This regulation aims to prevent money laundering by requiring companies to disclose the personal information of their beneficial owners. Who it affects: Small businesses, especially LLCs, corporations, and partnerships created in the U.S. or registered to do business in the U.S., are impacted. Some businesses, like publicly traded companies and sole proprietors, are exempt—but check with your tax professional to be sure it is required for you or not. Action: Small businesses should ensure they’re in compliance by gathering the necessary owner information before filing deadlines to avoid penalties. Want more detailed information about BOI filing requirements? Check out this recent blog post full of resources...
by Blair Butters | Aug 5, 2024 | Tax Planning
At the beginning of 2024, the U.S. Government started requiring U.S. companies and many small businesses to file Beneficial Ownership Information (BOI). In this blog post, we detail the following BOI information, so you know where you and your company stand: What is Beneficial Ownership Information (BOI)? Who needs to file? When are the filing deadlines? Recent Legal Changes How to file a BOI As always, contact your Accounting and/or Legal counsel for information specific to your company. What is Beneficial Ownership Information (BOI)? Beneficial Ownership Information refers to data that identifies the individuals who ultimately own or control a legal entity (think corporations, LLCs, and other similar entities). The purpose of collecting this information is to prevent and combat money laundering, terrorist financing, and other illegal activities that can be facilitated through anonymity in corporate structures. The Corporate Transparency Act (CTA), enacted as part of the broader Anti-Money Laundering Act of 2020, introduced new reporting requirements aimed at enhancing transparency and curbing illicit financial activities. A key component of the CTA is the Beneficial Ownership Information (BOI) filing requirement, which affects a significant number of small business entities in the United States. Who Needs to File? The CTA requires many companies doing business in the United States, particularly small businesses and entities that are not publicly traded, to report their beneficial ownership information. This includes corporations, limited liability companies (LLCs), and other similar entities formed or registered to do business in the U.S. Entities that qualify for an exemption, such as certain trusts, are not required to file. When are the Filing Deadlines? Companies that were created or...
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