In 2022 Congress passed the Corporate Transparency Act that affects LLC's, S Corporations and C Corporations. It created mandatory reporting by these companies by 12/31/2024. The report can be filed online through "FinCEN.gov". The form is not an IRS form so we don't prepare them. All we want to do is inform you of this so you can go online and fill out the form. As always, there are penalties associated with a failure not to do this and they are fairly severe. The form to be filled out is called the "Beneficial Ownership Information Report" or "BOIR" for short.
We are being told that the government is trying to get the word out but to date we have not seen much being said. Again, These are not IRS forms and we are not filling them out so you will need to do this yourself. We have had some clients go online and fill the form out and they have said that it wasn't very difficult.
