REMINDER: Due 12/31/24
New Mandatory Reporting for Business Owners
Please Disregard if you have already filed your BOIR and notify us if you did so.
Dear Client,
This important announcement pertains to business owners only. If you do not own or plan to own a business, you may disregard this notice.
We are writing to you to make you aware of a new law that was passed that mandates new reporting for business owners. We also wanted to warn you that there are already phishing schemes popping up to take your money and your identity. So, please contact us if you have any questions.
Below is a summary:
| Who: | Any Entity (e.g. LLCs, Corporations or other entities formed by the Secretary of State) with few exceptions |
| What: | File a Beneficial Ownership Information Report (BOIR) with FINCEN. |
| When: | New entities formed on or after 1/1/24 – Deadline is 90 days from creation of the entity Entities formed before 1/1/24 – Deadline is 12/31/24 |
| Why: | Congress passed the Corporate Transparency Act (CTA). |
| Our Fee: | $350 for up to two Beneficial Owners and $50 for each additional Beneficial Owner. |
| Regrets: | If you do not file timely and accurately, penalties are $500 per day up to $10,000! |
If you have already filed, please either notify us of doing so or send us a copy for our file.
Next step: Alliance Wealth Management & Accounting Group is ready to file your BOIR for you. Simply make sure we have the following information:
- Business Legal name and DBA if you have one
- Business EIN
- Current Business Address
- State the Company was formed in
- A copy of each Beneficial Owner’s driver’s license (front only) or passport. This needs to be a JPEG File.
To protect your privacy, we encourage you to upload the information to your client vault...
https://www.alliancewmg.com/access.html
Should you have any further questions, please do not hesitate to call one of our offices.
Your Alliance Wealth Management & Accounting Team