Zulch Tax Consultants
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Zulch Tax News & Updates

UPDATE: The Beneficial Ownership Information E-filing Requirement Began January 1, 2024

To help protect U.S. national security, the Corporate Transparency Act (CTA) was implemented by the Financial Crimes Enforcement Network (FinCEN). As part of its Bank Secrecy Act, certain business entities (referred to as reporting companies) must report information about themselves and their beneficial owners to FinCEN. A reporting company is any corporation (C or S), limited liability company (LLC), professional limited liability company (PLLC), limited partnership (LP), or any other entity created by the filing of a document with a secretary of state or any similar office the in the U.S. Sole proprietorships and general partnerships are not considered reporting companies unless they were created or registered to do business in the U.S. by filing a document with a secretary of state or any similar office in the U.S. A beneficial owner is an individual who directly or indirectly exercises substantial control over a reporting company or owns at least 25% of the reporting company’s ownership interests.

Filing is simple, secure, and free of charge on the official FinCEN website. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

  • A reporting company created or registered to do business before 1/1/24 will have until January 1, 2025 to file its initial BOI report.

  • A reporting company created or registered in 2024 will have 90 calendar days to file its initial BOI report.

  • A reporting company created or registered on or after 1/1/2025 will have 30 calendar days to file its initial BOI report.

  • As this is a filing responsibility by each entity owner, our office is not able to offer this reporting service.

 

For more information about this reporting requirement and for the latest updates, please visit the FinCEN website at https://www.fincen.gov/boi

For BOI filing instructions, please visit the FinCEN website https://boiefiling.fincen.gov/help

Per the FinCen website, they have posted the following alert, which can be found in its entirety on the FinCen website.

FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent scams may include:

  • Correspondence requesting payment. There is NO fee to file BOI directly with FinCEN.

  • Correspondence that asks the recipient to click on a URL or to scan a QR code. Those emails or letters are fraudulent. Do not click any suspicious links or attachments or scan any QR codes in emails, on websites, or in any unsolicited mailings.

  • Correspondence that references a “Form 4022,” or an "Important Compliance Notice." This correspondence is fraudulent. FinCEN does not have a “Form 4022.” Do not send BOI to anyone by completing these forms.

Correspondence or other documents referencing a “US Business Regulations Dept.” This correspondence is fraudulent; there is no government entity by this name.

Kevin Zulch