Breaking News

Starting for 2024, beneficial owners of entities formed by filing with any state's Department of State were required to file their initial report with the Department of the Treasury's Financial Crimes Enforcement Network.

For an entity formed in 2024, it was due within 90 days of filing with the state. For other entities, the first report is due by December 31, 2024.

As of December 3, 2024, a federal court in Texas found that the Financial Crimes Enforcement Network cannot enforce the Corporate Transparency Act, which required entities to file a Beneficial Owners Information Report.

It has yet to be determined if the ruling will be appealed. However, the requirement has been suspended and the deadline for filing no longer applies.

As soon as you start to think about your business, an accountant can help you take the next steps. We can discuss your business's organization, tax purposes and operations, along with target pricing and profit margins.  

Does your accountant return your calls? Do you feel comfortable asking them a question? Do you feel heard? With the right accountant, the answers should be a resounding "Yes!"