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Beneficial Ownership Filing for the Corporate Transparency Act
In a nutshell the Beneficial Ownership Information Reporting Rule for LLC’s was issued on September 30, 2022 and became effective on JANUARY 1, 2024. This new law affects almost ALL LLC’s. Existing LLC’s have until January 1, 2025 to file their information, while LLC’s created in 2024 have 90 days after their creation to file. LLC’s created in 2025 have merely 30 days to file.
Failure to comply with FinCEN reporting requirements can result in severe penalties. Penalties may include civil and criminal penalties, fines, and, in extreme cases, imprisonment. The specific consequences depend on the nature and severity of the violation.
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Tax Preparer & Bookkeeper
Kimberly Hazen Smith
Kimberly Hazen Smith has been a bookkeeper for over 30 years and has been preparing taxes for all kinds of people, businesses and circumstances for over 20 years.
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