Tax Preparation/Bookkeeping Services Company | Hot Springs, AR

US Treasury Reporting

Beginning Jan 1, 2024, the Corporate Transparency Act (CTA) required all small businesses that are registered with State Agencies to file a Beneficial Ownership Information Report. The new Financial Crimes Enforcement Network (FinCEN) report applies to many small businesses, including any that own rental properties in an LLC.

Businesses that are included are small corporations and LLCs with:

$5 million or less in domestic gross receipts reported on their prior tax return.
20 or fewer full-time employees.
A physical U.S. presence.

To ensure compliance, the penalties for willfully violating the Business Ownership Information (BOI) reporting requirements include:

Civil penalties of up to $500 for each day a violation is not remedied.
A criminal fine of up to $10,000.
Possible imprisonment of up to two years.

Any business that is currently registered will need to file, new businesses will have 90 days to file, and any change of ownership will have 30 days to update their filing. It is our goal to assist our clients with compliance. We offer services to help you complete your filing on time. Please contact us to schedule a time to review your information and see if you need to file the new Beneficial Ownership Information Report (BOIR).