The Corporate Transparency Act (CTA) is designed to increase financial transparency and prevent illicit activities by mandating that small businesses report information about their “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN). As of January 1, 2024, new and existing entities, such as limited liability companies, corporations, and certain other structures, will be required to file Beneficial Ownership Information (BOI) reports if they fall within the CTA’s requirements.
Reminder: Wegner CPAs LLP is prevented from filing this report for your business/LLC. Please contact your attorney or legal counsel for assistance filing this form.
Our Tax and Business Advisors have compiled the following resources to help you navigate the Beneficial Ownership Information Reporting process.
Information on Texas Ruling Impacting BOI Reporting
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction blocking the U.S. Department of Treasury from enforcing the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements. The nationwide injunction issued by the court effectively stops the enforcement of the CTA and its implementing regulations around the country.
IRS Beneficial Ownership Information Webinar
The IRS is hosting a free webinar on November 19, 2024, presented by FinCEN, to gain critical insights into Beneficial Ownership Information (BOI) reporting. This session is tailored to help businesses comply with BOI requirements ahead of the January 1, 2025, Corporate Transparency Act deadline. Topics include an overview of the CTA, BOI reporting resources, and a deep dive into compliance using the Small Entity Compliance Guide. Attendees can participate in a live Q&A with experts.
FinCEN Small Business Resources
The Financial Crimes Enforcement Network (FinCEN) provides a suite of resources to assist small businesses in complying with Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). This page includes links to the Small Entity Compliance Guide, FAQs, Quick Reference Guide, and more.
FinCEN’s Small Entity Compliance Guide
This comprehensive guide offers detailed explanations of the CTA’s requirements, tailored specifically for small businesses. It covers who must report, what information is needed, and the timelines for compliance.
BOI Reporting FAQs
FinCEN has compiled a list of frequently asked questions to address common concerns and provide clarity on various aspects of BOI reporting. This resource is helpful for resolving specific questions you might have.
Step-by-Step Video Tutorial: How to File Your BOI Report
This instructional video provides a walkthrough of the Beneficial Ownership Information (BOI) reporting process using FinCEN’s E-Filing System. It’s an excellent resource for visual learners seeking guidance on each step of the filing procedure and is less than 5 minutes long.
BOI E-Filing System Access
To submit your BOI report, you’ll need to use FinCEN’s secure electronic filing system. Access the system here to begin your submission.
BOI Filing Instructions
For detailed, step-by-step instructions on completing and submitting your BOI report, refer to FinCEN’s official filing instructions document. It outlines the necessary information and the process to ensure accurate reporting.
BOI E-Filing Quick Reference Guide
This quick reference guide provides a concise overview of the e-filing process, including tips for successful submission and common pitfalls to avoid. It’s a handy tool to keep on hand as you prepare your report.
BOI Access and Safeguards Compliance Guide
Understand the security and confidentiality requirements associated with BOI reporting by consulting this guide. It outlines the measures you need to implement to protect sensitive information.
FinCEN’s Official BOI Reporting Page
For the most up-to-date information, visit FinCEN’s official page dedicated to BOI reporting. Here, you’ll find links to all relevant resources, updates on reporting requirements, and contact information for further assistance.
