As we approach the end of the year, I want to bring an important compliance requirement to your attention. If you own a legal entity, it’s essential to ensure you’re meeting all obligations to avoid fines or other issues. Below, I’ve outlined the key points regarding the beneficial ownership interest filing requirement and the deadline you need to know.
Who Does This Apply To?
If you own a legal entity, such as a Corporation, LLC/PLLC, PC, Inc, or any other type of legal entity, you must file a Beneficiary Ownership Interest (BOI) with the federal government before December 31, 2024. Please note that this requirement does not apply to tax designations like S-Corps, sole proprietorships, or any trusts you may have in place.The BOI filing is only for legal entities, not any other type of organization. What You Need to Know
Remember, legal entities are officially registered with your state department. Typically, these entities have a separate Employer Identification Number (EIN) and file their own tax returns.
If you are unsure whether this applies to you or your business, please consult your accountant or legal advisor for clarity. It is always better to confirm and ensure compliance than risk unnecessary penalties.
Important Deadline
You must file your BOI by December 31st of this year to remain in compliance. Missing this deadline could result in fines or other issues with the government. If you fail to timely file, there is a $591/day penalty and a willful violation could cost $10,000 or even imprisonment.
You can complete the filing yourself by using the following link: https://boiefiling.fincen.gov/. If you have any questions, please visit this link: https://www.fincen.gov/boi-faqs
If you have any questions about how to file, whether you need to file or confirming that you have indeed timely filed already, please reach out to your accountant or a trusted advisor to ensure you’re meeting this requirement. Compliance is key to protecting your business and avoiding unnecessary complications or fines.
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