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Hey there, fellow business owners! There are some important changes on the horizon that you need to be aware of. Starting January 1, 2024, new rules will require millions of companies in the U.S. and foreign businesses registered in the U.S. to report who really owns or controls them. This process is called “Beneficial Ownership Information” (BOI) reporting, and it’s something you’ll need to pay close attention to.
Why the change, you ask?
Well, the Financial Crimes Enforcement Network (FinCEN) created these rules to help fight financial crimes and money laundering, which can happen when people hide behind fake or secretive companies. By making businesses more transparent, it will be harder for bad actors to take advantage of the system.
Now, let’s break down what this means for you and your business:
As for deadlines, companies that already exist or are registered before January 1, 2024, have to file their first BOI report by January 1, 2025. For companies created or registered after that date, they need to file their BOI report within 30 days.
In summary, these new rules might feel like extra paperwork, but they’re a crucial step towards making the business world more transparent and secure. By keeping up with these requirements and deadlines, you’ll help maintain a level playing field and contribute to the fight against financial crime. So, let’s get ready for these changes together and ensure that our businesses continue to thrive in a more secure and accountable environment.
We know that navigating these new reporting requirements might feel overwhelming, but don’t worry – we’ve got your back! Our team at SAS Tax and Business is here to help you every step of the way. With our expertise and personalized support, we’ll make sure you understand and meet all the BOI reporting requirements, so you can stay focused on growing your business.
Don’t let these new rules catch you off guard. Contact SAS Tax and Business today, and let us take the stress out of BOI reporting for you. Whether you’re an existing company or starting a new one, we’ll make sure you’re fully prepared for these new regulations. Together, we can ensure your business continues to thrive in a more transparent and accountable environment.
???? Call us now at (832) 263-7308 or send us an email to [email protected] to schedule a free consultation. Our friendly and knowledgeable team is ready to answer all your questions and help you stay ahead of the game. Remember, the deadline for initial BOI reports is January 1, 2025 – so don’t delay, reach out to SAS Tax and Business today!
BOI reporting is a process that requires companies in the U.S. and foreign businesses registered in the U.S. to disclose information about who really owns or controls them. This helps fight financial crimes and money laundering by increasing transparency around business ownership.
The new BOI reporting rules will begin on January 1, 2024.
Corporations, LLCs, and other entities created under U.S. state governments or foreign companies registered in the U.S. must file BOI reports. There are a few exceptions, but most businesses will need to comply.
BOI reports must include specific details about the company and the people who own or control it (the “beneficial owners”). This includes information about the reporting company, its beneficial owners, and, if applicable, the company applicants.
A person is considered a “beneficial owner” if they have substantial control over a company or own/control at least 25% of the company’s ownership interests.
For companies created or registered before January 1, 2024, the initial BOI reports are due by January 1, 2025. For companies created or registered after January 1, 2024, the initial BOI reports must be filed within 30 days of creation or registration.
Updated BOI reports must be filed within 30 days following any changes in previously filed information or discovered inaccuracies. This ensures the information remains accurate and up-to-date.
Our team at SAS Tax and Business is here to help you understand and meet all BOI reporting requirements. We offer personalized support and expert guidance to ensure your business complies with these new regulations, so you can focus on running and growing your business.
You can call us at (832) 263-7308 or send us an email to [email protected] to schedule a free consultation. Our friendly and knowledgeable team is ready to answer all your questions and help you stay ahead of the game.