As we approach the final countdown to the Beneficial Ownership Information (BOI) reporting deadline, we want to ensure every client understands the necessity of this requirement and its broad applicability. Whether you own a large corporation or a smaller entity like an LLC that holds real estate, this new reporting regulation impacts a wide range of businesses and owners.
The BOI requirement, part of the Corporate Transparency Act, isn’t limited to big businesses or multi-tiered corporations. It includes even smaller entities, such as single-member LLCs that may own real estate or rental properties. This far-reaching mandate means that if you have a stake in an LLC, corporation, or other eligible entity, you likely need to take action by January 1, 2025.
Examples of Impacted Clients:
In our experience, many clients who might not consider themselves “high profile” are still subject to BOI reporting. That’s why understanding and acting on these requirements is critical.
If your entity was set up in 2024, the timeline for BOI reporting differs. New entities are required to file their BOI reports within 30 days of registration, not by the general January 1, 2025, deadline. This means that if your LLC, corporation, or other entity was recently established, it’s essential to file your BOI report promptly to avoid penalties. Please reach out if you’re unsure of your specific requirements.
For those who have been following our updates throughout the year, we’ve published a series of articles that break down the various aspects of BOI reporting:
An important update for any clients affected by recent natural disasters: the deadline for BOI reporting may be extended. FinCEN has granted extensions for individuals and entities in areas affected by hurricanes and other natural disasters. For more details, please refer to the official FinCEN notice here. If you’re in an affected area, please reach out to discuss how this extension might apply to you.
With the January 1, 2025, deadline fast approaching, now is the time to review these resources, evaluate your reporting requirements, and take action to secure compliance. If you need further assistance or would like to discuss your specific situation, please reach out to us. We’re here to guide you through this new regulatory landscape and ensure you’re fully prepared.
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