Was your company created before 2024?
As part of the new Corporate Transparency Act (CTA), companies like yours are required to submit a Beneficial Ownership Information report (BOI) by the extended deadline of January 1, 2025 (equivalent to December 31, 2024).
Here are some key clarifications that may address your concerns:
- Must a BOI report be filed for owning a single rental property in an LLC? (Yes.)
- Is it necessary to file 10 BOI reports if you own 10 LLCs? (Yes.)
- Can non-lawyers like certified public accountants and enrolled agents file BOI reports for clients without violating unauthorized practice of law rules? (Uncertain.)
- Are registered agents accountable for filing BOI reports? (No.)
- Is filing required for the self-employed? (No.)
- Should a street address be listed in the BOI report? (Yes.)
- Do I need to file if I own a company with over 20 employees and $5 million in income? (No, you are exempt from filing.)
- Is a Social Security number required in the BOI report? (No.)
- Must an attorney be listed in the BOI report? (Possibly.)
- Is an updated BOI report necessary if a beneficial owner leaves the company? (Yes.)
- Should a minor child be listed in a BOI report? (No.)
- Will criminals submit BOI reports? (Unknown.)
The BOI report is filed online at a new federal database, BOSS (Beneficial Ownership Secure System), with no filing fee.
Contact us now to schedule your tax assessment and ensure a smooth and worry-free BOI filing.