Posted on 12/14/2023 8:31:16 AM PST by mikelets456
On January 1, 2024, the new requirement to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) goes into effect. More than 32 million entities – mostly small businesses – will have to file this report, which is required by a federal law called the Corporate Transparency Act. Violations of this law can result in a civil penalty of $500 per day the violation continues and criminal penalties of up to $10,000 and two years in prison.
January 1 is fast approaching. Now is the time for all small business owners to start preparing. Below is a checklist of steps they should be taking now.
(Excerpt) Read more at wolterskluwer.com ...
Thanks. I’ll have my accountant review the requirements and get it handled. December 31st 2024!
With enough push back maybe the slimy ones in DC can repeal it. We are just a small painting contractor, and do everything above board. Our accountant is awesome too. She errs on the safe side of things. Took years for us to find an honest one. If it’s a questionable deduction she says so and we don’t take the deduction.
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