{"id":21553,"date":"2024-09-27T18:45:21","date_gmt":"2024-09-27T22:45:21","guid":{"rendered":"https:\/\/azzadasset.com\/?p=21553"},"modified":"2025-04-04T16:28:30","modified_gmt":"2025-04-04T20:28:30","slug":"reminder-for-small-business-owners-report-beneficial-owners","status":"publish","type":"post","link":"https:\/\/intelliserver.net\/wordpress\/blog\/reminder-for-small-business-owners-report-beneficial-owners\/","title":{"rendered":"Reminder for Small Business Owners: Report Beneficial Owners"},"content":{"rendered":"\n<p><strong>Latest update as of March 2, 2025:<\/strong><\/p>\n\n\n\n<p>The Treasury Department announced it will not enforce any penalties or fines associated with the Beneficial Ownership Information (BOI) reporting rule under the existing regulatory deadlines, and further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect. The Treasury also announced that it will further issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.<br><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><br>September 27, 2024<\/p>\n\n\n\n<p>The Corporate Transparency Act (CTA) is a new law that requires certain businesses to report information about their beneficial owners to the government. This is designed to help fight money laundering and other crimes.<\/p>\n\n\n\n<p><strong>Who needs to report?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most new businesses formed after January 1, 2024 need to report within 90 days.<\/li>\n\n\n\n<li>Existing businesses need to report by January 1, 2025.<\/li>\n\n\n\n<li>There are some exceptions, like publicly traded companies and certain already regulated businesses.<\/li>\n\n\n\n<li>Beneficial ownership reporting applies to many reporting entities including LLCs, and even LLCs not operating businesses such as those that may exist only for estate or liability planning.<\/li>\n<\/ul>\n\n\n\n<p><strong>What information needs to be reported?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Information about the people who really own or control the business (beneficial owners). This includes their name, address, and date of birth.<\/li>\n<\/ul>\n\n\n\n<p><strong>What happens if I don\u2019t report?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>There can be civil penalties, criminal fines, and even jail time.\u00a0<\/li>\n<\/ul>\n\n\n\n<p><strong>What should I do?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Click\u00a0<a href=\"https:\/\/boiefiling.fincen.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>\u00a0to report your beneficial ownership and get more information. For most businesses, this won\u2019t take you more than a few minutes.<\/li>\n<\/ul>\n\n\n\n<p>You can find more information from FinCEN at&nbsp;<a href=\"https:\/\/www.fincen.gov\/boi-faqs\">https:\/\/www.fincen.gov\/boi-faqs<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Latest update as of March 2, 2025: The Treasury Department announced it will not enforce any penalties or fines associated with the Beneficial Ownership Information (BOI) reporting rule under the existing regulatory deadlines, and further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21554,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[9,110],"tags":[],"class_list":["post-21553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-tax"],"_links":{"self":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts\/21553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/comments?post=21553"}],"version-history":[{"count":10,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts\/21553\/revisions"}],"predecessor-version":[{"id":23722,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/posts\/21553\/revisions\/23722"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/media\/21554"}],"wp:attachment":[{"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/media?parent=21553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/categories?post=21553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/intelliserver.net\/wordpress\/wp-json\/wp\/v2\/tags?post=21553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}