01/12/2024
There are several posts circulating about the Beneficial Ownership Information report (BOI report) released on FINCEN today. Here's a breakdown for clarification:
Reporting Deadlines:
1. If your business existed BEFORE TODAY (prior to 1/1/24), your BOI report is NOT due until 1/1/25.
2. If your business is formed IN 2024 (1/1/24 through 12/31/24), report within 90 days of creation (e.g., create a business today, 1/1/24, report due March 31, 2024).
3. If your business is formed AFTER 2024 (1/1/25 or later), report within 30 days of creation (e.g., create a business one year from today, 1/1/25, report due January 31, 2025).
Important Notes:
• The BOI report is NOT only for LLCs; it applies to all businesses registered with the Secretary of State, including corporations and certain partnerships.
• Despite its simplicity, don't feel pressured by posts to complete the report today, as nobody's report is due today.
• Remember, the BOI report is not a tax report, except when it concerns your business.
Additional Information:
• As of January 1, 2024, the U.S. Treasury Department mandates reporting BOI for all U.S. corporations or LLCs.
• Eligibility criteria cover all legal entities, such as corporations, LLCs, and similar entities.
• Compliance deadlines differ based on your company's establishment date.
• Non-compliance may result in fines and legal consequences, so ensure timely submission.
• The online filing of the BOI report incurs no government fees; the link is provided here.
Reminder:
• The deadline for filing U.S. tax returns is approaching, so submit on time to avoid penalties and unnecessary hassles.
• For queries and guidance, reach out for assistance.
