As part of our commitment to keeping you informed, we’re sharing details on a valuable resource this week: a free webinar sponsored by the IRS, designed to help businesses understand Beneficial Ownership Information (BOI) reporting requirements and avoid compliance issues.
Many businesses must meet the January 1, 2025, deadline for reporting BOI. To assist, the IRS will sponsor a free one-hour webinar designed for those businesses that must report to the Treasury Department's Financial Crimes Enforcement Network (FinCEN).
The webinar will begin on Tuesday, November 19, 2024, at 2 p.m. ET.
Many companies created or registered to do business before January 1, 2024, must e-file their initial BOI to FinCEN by January 1, 2025. This generally means reporting the names and other information about those who own or control the company. Exceptions and special rules apply.
During this free webinar, FinCEN will:
1. Explain the Corporate Transparency Act.
2. Provide Beneficial Ownership reporting resources.
3. Analyze the BOI reporting requirement using the Small Entity Compliance Guide.
4. Describe what happens if a company does not report BOI to FinCEN promptly.
The webinar will also feature a live question-and-answer session.
REGISTRATION IS REQUIRED: Visit the Internal Revenue Service webinar website. Questions about the webinar can be emailed to the web conference team.
Note: The "Reporting Company" definition generally includes LLCs, corporations, limited partnerships, and foreign entities registered to do business in any U.S. state. Some entities, like heavily regulated financial institutions, tax-exempt organizations, inactive companies, and others that meet specific operating criteria, are exempt from the BOI Report requirement. Eligible companies can file at https://boiefiling.fincen.gov/.
How Brinker Simpson Can Help
Although we do not facilitate BOI filings, our team is here to provide guidance and ensure you can access the necessary resources. We encourage you to take advantage of this opportunity to clarify any questions about BOI reporting and prepare your organization for compliance. Don't hesitate to contact us with questions or help understanding the specifics.
Deadlines to Remember and Helpful Links
Existing companies (as of January 1, 2024) ↪️File by January 1, 2025.
New companies (registered between January 1, 2024, and January 1, 2025) ↪️File within 90 days of formation.
New companies (registered after January 1, 2025) ↪️File within 30 days of formation.
🔗 BOI Report E-File Online Step-by-Step Instructions
🔗 FinCEN Small Entity Compliance Guide
