Leonard Rabinowitz November 11, 2024
If you hold property in, or your business is within, an LLC or Sub-S Corp this new regulation most likely affects you and the penalties for not filing are brutal. You can file without charge at FinCen BOIR Filing.
I’m not a tax attorney or accountant. However, within my practice as a Broker Associate, I have learned that many of my clients are not aware of this. The following is my understanding of the new law however you should seek the advice of a tax professional.
The Beneficial Ownership Information Reporting (BOIR) requirement is a new federal mandate that affects most businesses in the United States. Stemming from the Corporate Transparency Act (CTA), this regulation requires companies to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). A beneficial owner is generally defined as someone who directly or indirectly owns or controls 25% or more of the company or has significant decision-making authority within it.
The deadline for BOIR compliance depends on when your business was formed. Companies established before January 1, 2024, must file their initial BOIR by January 1, 2025. For businesses formed on or after January 1, 2024, the filing must be completed within 90 days of receiving notice of the company's registration. It's crucial for business owners to be aware of this requirement, as non-compliance can result in significant penalties, including daily fines of up to $500 and potential criminal charges. The primary goal of BOIR is to increase transparency in business ownership and help combat financial crimes such as money laundering and terrorism financing
On another note, contact Leonard Rabinowitz, your trusted real estate partner in Beverly Hills, Malibu and Brentwood. With his extensive market knowledge, proven track record, unparalleled marketing plan and unwavering commitment to his clients, he will guide you through every step of the selling or buying process, from initial consultation to a smooth and successful closing. Contact him today to discuss your unique goals and unlock the doors to your next opportunity.
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