Stone House Tax, Business & Municipal Accounting

Beneficial Ownership Information Reporting

Avoid penalties of up to $500 per day with Stone House TBMA Beneficial Ownership Information (BOI) Reporting service!

Learn if you are required to file a BOI Report for your business by speaking with a Stone House accounting professional today.

Request a Professional Opinion

Submit this form to request a FREE BOI Reporting consultation with a Stone House Business Accounting professional. We’ll then call you within one business day.

Schedule Your Free Consultation

Tune in to this Blue Collar Wealth episode, where we dive deep into the Corporate Transparency Act (CTA) and its significant implications for businesses. Join our experts, Bob Brown, CFP®, and Benjamin DeNault, CPA, as they unpack the details of the CTA and its requirements for businesses to disclose beneficial ownership information (BOI).

Listen now to understand how this legislation impacts your business and what steps you need to take to ensure compliance.

What Is BOI Reporting and Who Does It Apply To?

What is BOI reporting?

Beneficial Ownership Information Reporting is a new requirement through the Corporate Transparency Act (CTA), in which those with ownership of a business entity are required to file certain pieces of information to FinCEN.

Who does it apply to?

This reporting requirement could apply to your business if you:

  • Are an LLC, corporation, limited partnership, or foreign entity registered for doing business in any U.S. state

  • Employ fewer than 20 full-time employees

  • Earn less than $5 million in gross receipts annually

  • Or, don’t own a business already federally regulated industry such as financial institutions, publicly traded companies, and insurance companies.

** Call our team for a free second opinion, if you are wondering if you are required to report. **

When are entities required to file their BOI?

Qualified entities are required to submit their BOI report by a certain date depending on when their entity was formed:

  • Companies formed in 2023 or earlier have until January 1, 2025 to submit
  • And, companies formed in 2024 have to submit within 90 days of formation

What penalties do I face if I didn't file?

Failing to file your BOI Report in a timely manner could lead to civil penalties of up to $500 per day for ongoing violations with a maximum penalty of $10,000. Individuals might also face criminal penalties, including imprisonment for up to two years.

Still not sure if it applies to you or your business?

Schedule a free consultation to ask a Stone House accounting professional.

Request a Professional Opinion

Submit this form to request a FREE BOI Reporting consultation with a Stone House Business Accounting professional. We’ll then call you within one business day.

Schedule Your Free Consultation

Feels Like A Lot? Give Our Team A Call.

Tunkhannock Office Map

Call Our Tunkhannock Office (570) 836-5636

158 W Tioga St, Tunkhannock, PA 18657

Towanda Office Map

Call Our Towanda Office (570) 265-8829

140 Golden Mile Rd, Towanda, PA 18848
Mailing: P.O. Box 271, Towanda, PA 18848

Montrose Office Map

Call Our Montrose Office (570) 278-2721

8109 PA-706, Montrose, PA 18801

accounting@stonehousetbma.com

Tunkhannock

570-836-5636

158 W Tioga St
Tunkhannock, PA 18657

Towanda

570-265-8829

140 Golden Mile Rd,
Towanda, PA 18848

Mailing: P.O. Box 271,
Towanda, PA 18848

Montrose

570-278-2721

8109 PA-706,
Montrose, PA 18801

Disclosures:

Stone House Tax, Business & Municipal Planning, LLC (TBMA) and Stone House Investment Management, LLC (SHIM) are affiliated companies and have a revenue sharing agreement for clients referred from TBMA to SHIM.

By providing your phone number to Stone House TBMA, you hereby acknowledge and agree that we may send text messages to your wireless phone number for various purposes. Please note that message and data rates may apply. Message frequency will vary, and you retain the right to Opt-out by simply replying “STOP.” For a detailed understanding of how we handle your data, please refer to our Privacy Policy below.
 
 
Privacy Policy:
Your privacy is important to us. Read the following privacy policy. 
 
We collect nonpublic personal information about you from various sources, including:
  • Interviews regarding your tax situation
  • Applications, organizers, or other documents that supply such information as your name, address, telephone number, Social Security Number, number of dependents, income, and other tax-related data. 
  • Tax-related documents you provide that are required for processing tax returns, such as Forms W-2, 1099R, 1099-INT, and 1099-DIV, and stock transactions.
 
We do not disclose any nonpublic personal information about our clients or former clients to anyone, except as requested by our clients or as required by law.
 
We restrict access to personal information concerning you, except to our employees who need such information in order to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your personal information.
 
If you have any questions about our privacy policy, contact our office at (570) 265-8829.
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