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.

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.

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