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 now due by March 21, 2025.
As of February 25, 2025, the FinCEN will require the BOIR to be filed for most business entities. However, there may be a later ruling further extending the due date. Since the penalties for non-filing are very costly, be sure to get the information together NOW even if you think you have plenty of time!
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!"
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