TAXES
We deal with many types of taxes, including:
| Individual Taxes Payroll Taxes Social Security Taxes Medicare Taxes Capital Gains Taxes Net Investment Income Taxes C Corp Taxes S Corp Taxes Limited Liability Company Taxes Trust Taxes |
Estate Taxes Alternative Minimum Taxes Taxes on Non-Profits Real Property Taxes Excise Taxes Personal Property Taxes State Taxes City Taxes Unemployment Taxes |
BOI Reporting Services
In an era of increased financial scrutiny, the Corporate Transparency Act (CTA) has ushered in a new chapter for business owners. As of January 2024, many entities are now required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This significant change aims to combat illicit activities and enhance transparency in the U.S. business environment.
Understanding BOI Reporting
BOI reporting is designed to reveal who truly owns or controls a company. This information is crucial for law enforcement agencies to track and prevent financial crimes such as money laundering and tax evasion. But what does this mean for your business?
Key Points to Remember:
- Reporting begins January 1, 2024
- Existing companies (pre-2024) have until January 1, 2025 to file
- New companies have 90 days to file (30 days from 2025 onward)
- Certain entities are exempt from reporting
Who Needs to Report?
If your company is a corporation, LLC, or similar entity created by filing with a state office, you likely need to report. This also applies to foreign companies registered to do business in the U.S. However, some entities are exempt, including public companies, banks, and large operating companies meeting specific criteria.
What Information is Required?
For each beneficial owner (individuals with substantial control or 25%+ ownership), you’ll need to provide:
- Full legal name
- Date of birth
- Current address
- Identifying number from a government-issued ID
- Image of the ID
Preparing for Compliance
To ensure your business is ready for BOI reporting, consider these steps:
- Identify your beneficial owners
- Gather required information
- Review FinCEN guidelines
- Establish internal procedures for compliance
- Consult with professionals if needed
The Consequences of Non-Compliance
FinCEN takes BOI reporting seriously. Failing to comply can result in:
- Daily civil penalties up to $10,000
- Potential imprisonment for continued violations
- Hefty fines for unauthorized disclosure of BOI information
Our BOI Reporting Services
Navigating these new requirements can be complex. That’s where we come in. Our BOI reporting services offer:
- Expert guidance on compliance
- Assistance in identifying beneficial owners
- Secure collection and storage of required information
- Timely and accurate filing with FinCEN
- Ongoing support for updates and changes
Don’t let the complexities of BOI reporting put your business at risk. Let us handle the details so you can focus on what you do best – running your company.
Contact us today to ensure your business is compliant with the new BOI reporting requirements. Our team is ready to guide you through this process, providing peace of mind and protecting your business from potential penalties. For more information, please visit: www.jacobsonlawrence.com/services/boi-services
OTHER SERVICES
In addition to preparing tax returns, our services include:
| Tax Compliance Financial Statement Preparation Bookkeeping QuickBooks Training for Clients Tax Planning Business Entity Planning Estate Planning Succession Planning |
Trust, Estate & Guardianship Accounting Expert Witness Service Professional Trustee Services Tax Representation, including: Examinations (Audits) Collections / Payment Arrangements Offer In Compromise |