Article | July 19, 2024 | Authored by KDP LLP
Earlier this year, we wrote to make you aware of the Beneficial Ownership Information (BOI) reporting requirements outlined below. We are writing again as a reminder, and also to let you know some good news – KDP has identified a trusted partner, CTA Services LLC, as a referral source to help our clients with these reporting requirements. If you have not already reported and would like assistance, please reach out to your tax preparer by email as soon as possible to get started on the process.
Information about Corporate Transparency Act
The Corporate Transparency Act (CTA) was enacted in 2021.?This legislation?introduced new reporting requirements for certain business entities that were created in or are registered to do business in the US to enhance transparency and prevent illicit activities.
Effective January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) will require companies that were created in, organized, or doing business in the U.S. to disclose information about the beneficial owners and organizers; Beneficial Ownership Information (BOI) reporting. Entities in existence prior to 1/1/2024 that become subject to the BOI reporting are required to file their first report before January 1, 2025.
If you are an owner of a business (corporation or pass-through entity), or have a single-member LLC, these new requirements may apply to you. Although certain information pertaining to CTA requirements may overlap with information we request for tax preparation or other services, the CTA reporting requirements fall outside the scope of tax compliance KDP can provide.
Click here to review FinCEN’s set of FAQs and explanation of the rules.
If you have questions regarding this subject matter, please contact our office at (541) 773-6633 (Medford Office), (541) 382-4791 (Bend Office) or (208) 373-7890 (Idaho Office).
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