Don't Delay.
By December 31, 2024, over 30 million U.S. businesses must file a Beneficial Ownership Information (BOI) Report with the Treasury Department in order to comply with new regulations aimed at enhancing transparency and combating financial crimes.
Who Must File?
Most companies/entities are required to file unless an exemption is met. Reporting companies include domestic and foreign entities meeting FinCEN's criteria.
What's Required?
The BOI Report must include:
- Identification of reporting entity
- Full legal name of each beneficial owner (25% or greater ownership, or those with control over the business)
- Date of birth
- Physical address
- Copy of unique identifier (e.g., passport or driver's license)
When and How to File:
BOI reports must be filed electronically by year-end for existing businesses. New entities created in 2024 must file within 90 days of formation. Additional information on filing requirements is available at https://fincen.gov/boi or by contacting AGH to discuss our BOI consulting and filing services.
Why It Matters:
Non-compliance can result in the severe penalties noted above. You never want to be out of compliance on any matter. Ensure your business meets these reporting obligations by taking action now.
Next Steps:
- Determine if your company is a reporting entity.
- Check for exemptions.
- Gather the necessary information.
- Complete and electronically file the report with FinCEN by the deadline.
For more information or assistance, contact your AGH tax advisor. You can also contact Shawn Sullivan, or Gary Powell at 844.577.1122 for assistance with BOI compliance reporting.
Executive Vice President
Tax Services
Shawn leads the firm’s tax group and serves on AGH’s board of directors. In addition to enhancing business performance to minimize tax consequences, he has extensive experience in mergers and acquisitions, international tax and business structuring. Shawn has public and private experience in the fields of tax and accounting and works frequently with clients in the manufacturing, automotive, wholesale distribution, real estate development and construction industries.
A certified public accountant, Shawn is a member of the American Institute of Certified Public Accountants, the Kansas Society of Certified Public Accountants (KSCPA) and chairs the KSCPA Committee on Taxation.
NOTE: Any advice contained in this material is not intended or written to be tax advice, and cannot be relied upon as such, nor can it be used for the purpose of avoiding tax penalties that may be imposed by the IRS or states, or promoting, marketing or recommending to another party any transaction or matter addressed herein.