Attention Business Owners! BOI Filing is Mandatory!
Stay compliant with the Corporate Transparency Act! Starting January 1, 2024, companies must report Beneficial Ownership Information (BOI) to FinCEN, a bureau of the U.S. Department of the Treasury.
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Attention Business Owners! BOI Filing is Mandatory!? Stay compliant with the Corporate Transparency Act! Starting January 1, 2024, companies must report Beneficial Ownership Information (BOI) to FinCEN, a bureau of the U.S. Department of the Treasury. ?Key Deadlines: Flow-through Entities: September 15 Personal and C-Corp Taxes: October 15 Estimated Taxes (Q3): September 16 ?Who Needs to File? Corporations, LLCs, or entities created in the U.S. Foreign companies registered to do business in any U.S. state ?Penalties for Non-Compliance: Civil: Up to $500/day Criminal: Up to 2 years imprisonment and fines up to $10,000
?Reporting Timeline: Existing Companies: File by January 1, 2025 New Companies (2024): File within 90 days of creation New Companies (2025 onwards): File within 30 days of creation Updates/Corrections: File within 30 days of any change ?What to Report? Names, birthdates, addresses, and ID numbers of beneficial owners ?Action Required: Provide ID documents (e.g., driver s license or passport) for each beneficial owner Ensure timely filing to avoid penalties For assistance, contact SAI CPA Services at support@saicpaservices.com and stay compliant!
