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Beneficial Ownership Information Reports...
Beneficial Ownership Information Reports:
There's been a significant amount of confusion regarding Beneficial Ownership Information reporting under the Corporate Transparency Act. While the U.S. Supreme Court recently agreed with the U.S. Treasury that reporting is "mandatory" for now, the issue appears to be ongoing as this works its way through the appellate process.
At least for now, it looks like we're going to have to file the BOI reports by March 21, 2025 with certain exceptions. As such, here's some information that you'll need to know in order to file.
How To File:
To file a Beneficial Ownership Information (BOI) report under the Financial Crimes Enforcement Network (FinCEN), follow these steps:
1. Determine Your Reporting Obligations:
Verify if your entity is required to file a BOI report. Generally, entities like corporations, limited liability companies (LLCs), or other similar entities registered in the U.S. or foreign entities doing business in the U.S. must file unless an exemption applies.
2. Gather Required Information
You'll need details about the "beneficial owners" of your business. Generally, individuals who own 25% or more of the company or exercise substantial control are considered beneficial owners.
These individuals will need to report:
Full legal name
Date of birth
Residential address
Unique identifying number from an acceptable identification document (e.g., passport, driver's license).
Company Information: Legal name Trade name or "doing business as" (DBA) name Business address Jurisdiction of Formation Taxpayer Identification Number (TIN)
3. Register for Access Visit the BSA E-Filing System on FinCEN’s website:
First, go to: https://boiefiling.fincen.gov/
Then, create an account or log in if you already have one. Ensure your account is authorized for submitting BOI reports.
4. Complete the BOI Report
Log into the BSA E-Filing System. Navigate to the "BOI Report" section. Enter the required information for both the company and its beneficial owners. Review all data for accuracy before submission.
Conclusion:
This whole process can be very confusing. Make sure you reach out to your legal counsel or other trusted advisor if you need assistance.
We're here to help!
Cheers!
#IRS #BOI #CTA #FinCEN #FATCA #CPA #IRSHelp #Beneficial Ownership #Corporate Transparency Act
P.S. Make sure you get your FREE copy of our SPECIAL REPORT: "The 8 Secrets The IRS Does NOT Want You To Know!" (simply click on the link in the previous sentence, scroll down to the second section of our home page, and download your copy today!)
Or, email us at: info@libertytaxdefenders.com for your FREE copy.
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