Financial Reporting

[somarco]

Rules for small businesses changed as of 1/1/2024 and almost every business structure must now comply with reporting rules.


Beginning January 1, 2024, most small entities—including single member LLCs—must file online reports with the federal government, disclosing information about the beneficial owners of the entities. This new reporting requirement—estimated to impact at least 32.6 million entities in 2024—was created by the Corporate Transparency Act (CTA). Existing entities will have until January 1, 2025, to make their first beneficial ownership information (BOI) report. Entities first created or registered in 2024 will have 90 days from creation to get their first reports filed. Any entity that has already filed a report will generally have 30 days to make updates required by the CTA.



Among the business structures affected include but are not limited to . . . LLC, SMLLC, LP, S Corp, C Corp

Ask your CPA/accountant for more information.

 

[somarco]

Ties to AML and other suspected criminal activity.

https://home.treasury.gov/news/press-releases/jy2015

FinCEN Beneficial Ownership Information | Georgia Secretary of State

The Corporate Transparency Act (“CTA”) was enacted by the United States Congress on January 1, 2021, as part of the National Defense Authorization Act. The CTA includes significant reforms to anti-money laundering laws and is intended to help prevent and combat money laundering, terrorist...

sos.ga.gov

 

[somarco]

Nice AI summation but has nothing to do with the new FinCen reporting requirements.

 

[walthamny]

There is no penalty for not reporting in 2024. The penalty starts next year, however if Trump is elected this regulation will likely get put on hold right away. Also accountants are exempt however law firms are not exempt from the regulation. I wonder how far something so discriminatory in application will make it through the Federal court system without getting overturned.

 

[axeman462]

Updates to BOI reporting. Looks like appeals court overrides the lower court. Deadline pushed back to mid January

Millions Of Companies Must Register w/ Massive U.S. Database By Jan. 1 Due To Last-Minute Court Ruling | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

FinCEN.gov

Beneficial ownership information reporting requirements are now back in effect, with a new deadline of March 21, 2025, for most companies. Prior to March 21, 2025, FinCEN will assess its options for further modifying deadlines. For more information, see our website https://fincen.gov/boi.

fincen.gov

 

[axeman462]

Updates to BOI reporting. Looks like appeals court overrides the lower court. Deadline pushed back to mid January

Millions Of Companies Must Register w/ Massive U.S. Database By Jan. 1 Due To Last-Minute Court Ruling | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

FinCEN.gov

Beneficial ownership information reporting requirements are now back in effect, with a new deadline of March 21, 2025, for most companies. Prior to March 21, 2025, FinCEN will assess its options for further modifying deadlines. For more information, see our website https://fincen.gov/boi.

fincen.gov

it should be also noted that if you live in the SouthEast, your deadline is most likely actually in April due to the hurricanes.
you should double check with the FinCen website to be sure.

 

[axeman462]

Another update to CTA

"On January 23, 2025, the Supreme Court granted the government's motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court's action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports."

FinCEN.gov

Beneficial ownership information reporting requirements are now back in effect, with a new deadline of March 21, 2025, for most companies. Prior to March 21, 2025, FinCEN will assess its options for further modifying deadlines. For more information, see our website https://fincen.gov/boi.

fincen.gov

 

[somarco]

Reporting companies covered by the Corporate Transparency Act's (CTA's) beneficial ownership information (BOI) reporting requirement do not have to file the reports while an injunction remains in place, the Financial Crimes Enforcement Network (FinCEN) said Friday morning.

Companies that do not file BOI reports also are not subject to liability while the injunction remains in place, FinCEN said. However, the estimated 32 million small businesses covered by the reporting requirements may submit their BOI reports voluntarily, FinCEN said.

FinCEN says BOI reporting remains on hold

The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect.

www.journalofaccountancy.com

Who would VOLUNTARILY submit a report to the government?

 

[Allen Trent]

Insurance agents & agencies were exempt anyway under exemption #13 as long as entity license with state & physical location in US.

 

[scagnt83]

Insurance agents & agencies were exempt anyway under exemption #13 as long as entity license with state & physical location in US.

Same exemption exists for financial advisors.