I am surprised that so many don’t know that almost every business has a December 31 deadline to file a report at FinCEN.gov/BOI. If you need help, please let us know. Some services will take your info and file it, but if you don’t know what info you need to submit, let us know. If…
Category: Partnerships
CTA Reminder
The Corporate Transparency Act went into full effect on January 1, 2024. If you have an entity which was created by filing something with your state’s Secretary of State or similar office, or an Indian Tribe, or a foreign entity registered to do business in the US, you will need to file a beneficial ownership…
UPDATE on Reporting by Almost All Companies
In an earlier edition of this newsletter, I told you about the Corporate Transparency Act and the requirement that almost all companies will have to file reports, beginning January 1, 2024, with the Financial Crimes Enforcement Network aka FinCEN, which is part of the Department of the Treasury (website is at fincen.gov). Basically, any organization…
January 2024 MUST Report – Almost All Companies
Beginning in 2024, almost all companies will have to start filing reports under the Corporate Transparency Act with the Financial Crimes Enforcement Network aka FinCEN, which is part of the Department of the Treasury (website is at fincen.gov). Basically, any organization which has to file something with the Secretary of State (or equivalent governmental office…
Radical LLC and Partnership Changes
On November 2, 2015, the President signed into law the Bipartisan Budget Act of 2015. That statute makes significant changes governing federal tax audits of entities that are treated as partnerships for US federal income tax law. In other words, the statute affects all LLCs and partnerships. Some LLCs are disregarded entities, not taxed as…