I got an email from my accountant today about this. If you have an LLC, etc you are required to file with the Treasury Department. Late fees are steep. From his email below.
BOI Report – Beneficial Ownership Report
New this Year.
If you own a company such as a S-Corp, Partnership or Corporation. Or have a registration with a Secretary of State such as an LLC, LLP, etc. that is active, then you are required to file a BOI Report for that entity with FINCEN which is the Financial Crimes division of the US Treasury. The fines for non-compliance are high: $ 591 a day, yes, a day. The report is due 12/31/2024.(I believe the deadline got extended a couple of months due to Hurricane Beryl, but that only applies to some people) so I would just assume its due 12/31/2024.
What is in this report: (what information is inputted)
This report can be completed online at Fincen.Gov – make sure it’s .gov
info http://www.fincen.gov/boi/beneficial-ownership-information-frequently-asked-questions
BOI Report – Beneficial Ownership Report
New this Year.
If you own a company such as a S-Corp, Partnership or Corporation. Or have a registration with a Secretary of State such as an LLC, LLP, etc. that is active, then you are required to file a BOI Report for that entity with FINCEN which is the Financial Crimes division of the US Treasury. The fines for non-compliance are high: $ 591 a day, yes, a day. The report is due 12/31/2024.(I believe the deadline got extended a couple of months due to Hurricane Beryl, but that only applies to some people) so I would just assume its due 12/31/2024.
What is in this report: (what information is inputted)
- This report shows the name, address and EIN or SS # for the company or LLC.
- It shows if it has been in existence or if it’s new in 2024.
- The primary owners of the business – meaning 20% ownership or higher and/or have significant influence over the business. When in doubt just add them.
- A copy of the Drivers License or US Passport for each owner listed.
- The person who completed the report and submitted it.
- This is a one-time filing. You do not have to do this again, unless there is a change in the report – meaning an owner leaves or is added for example.
This report can be completed online at Fincen.Gov – make sure it’s .gov
info http://www.fincen.gov/boi/beneficial-ownership-information-frequently-asked-questions
