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On October 3, 2024 we posted Only 90 Days Left To File BOI Report, where we discussed that Starting January 1, 2024, many business entities will be required to report information to the U.S. government about who ultimately owns or controls them, including the business’ owners and officers. This new beneficial ownership information (BOI) reporting requirement is part of the Corporate Transparency Act (CTA), which aims to help law enforcement combat financial crime and protect the U.S. financial system from bad actors. If your U.S. entity was in existence before January 1, 2024, you must file your Beneficial Owners Report by January 1, 2025, which is less than 30 days away. Failing to meet this federal requirement could result in steep penalties:
The government isn’t taking non-compliance lightly, and neither should you.
 The Clock Is Ticking!
This isn’t just a formality; it’s the law. The process can take time, especially if you're new to the reporting requirements or have complex ownership structures.
Disclaimer: The information contained herein is for informational purposes and should not be relied upon or construed as tax or legal advise, generally, nor regarding any specific issue or factual circumstance.
Need Help Filing Your BOI Report?
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Read more at: Tax Times blog