Lawana Morse 55 Posted January 2 Everyone here knows me as a legislator but my bread and butter job is a tax accountant working with small businesses in the area. Every once in a while there are items of interest that I'd like to get out to the public beyond just my clients because I don't see information being circulated through traditional news outlets. Once such item that has been a hot topic in the accounting world for a year or so now is a reporting obligation that just took effect 1/1/2024. FinCen is requiring any business that has done a filing with the secretary of state (so LLCs, Corps, and a few other types such as trusts and non-profits) to report the Beneficial Ownership Information. This is being requested to try to deal with shell companies and other foreign illegal entities. In reality, the only thing different for this reporting over the registration with the SOS is uploading a form of identification. If you have a business and it falls under an LLC or Corp, you have until 12/31/2024 to complete the filing. (It took me 10 minutes and 5 of those were spent trying to find my husband's driver's license in his hodgepodge wallet.) If you are looking to start a business in 2024, you will have 90 days from filing to complete the BOI requirments. If you start a business after 1/1/2025, you will have 30 days. Anytime there is a change of ownership you have to update the reporting. You can find information on the FinCen website under BOI reporting. (A google search will get you there). 4 Quote Share this post Link to post Share on other sites
