We hope this message finds you well. We have added this page to inform you about a critical new federal reporting requirement that may affect your company. As of January 1, 2024, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has implemented the Corporate Transparency Act, mandating that many businesses in the United States report detailed information about their beneficial owners—the individuals who ultimately own or control the company. Your annual tax filing does NOT meet this requirement!

What You Need to Know:

• Who Must Report: Corporations, limited liability companies (LLCs), and other entities created or registered in the United States are required to report. Foreign companies registered to do business in the U.S. are also included.

  
  

• Reporting Deadline: If your company was created or registered before January 1, 2024, you have until January 1, 2025, to comply. If your company was created or registered after January 1, 2024, the report must be filed within 90 days of registration.

  
  

• Consequences of Non-Compliance: Failure to comply with this reporting requirement may result in significant penalties, including fines and legal action.

Given the complexity of these requirements and the potential legal consequences, we strongly urge you to take immediate action to ensure compliance. To date, I have heard of NO extension or penalty leniency.

How We Can Help

Our team at R3 Accounting is fully equipped to assist you in navigating this new requirement. The following pdfs and links will help you navigate as follows:

DETERMINE IF YOU NEED TO FILE AND IF SO WHO NEEDS TO REPORT

HOW TO FILE YOUR REPORT ONLINE: STEP-BY-STEP INSTRUCTIONS

WHERE TO FILE YOUR REPORT DIRECTLY WITH FinCEN

While the size of the documents and all of the hype lead you to believe this is beyond your capabilities – it is NOT. It is ONLY a four page document.  It requires planning – once you determine that you need to file then review the step – by – step instructions and have the needed documentation and PDF scans handy (driver’s license or passport, etc.) The governments documentation is voluminous as there are pages upon pages dealing with WHO needs to report (definition of a beneficial owner). In most of your cases this is going to be apparent – you and your partners of a certain ownership percentage.) More than likely you do NOT have a FinCEN identifier so you will need to fill out items 37-51. ONLY INFORMATION – no numbers - and very straightforward. Name, address, B-day, Driver’s License # and a scan of the same. 

I am ready to assist you further if necessary. Please do not hesitate to contact me directly to discuss how we can assist you with this new requirement. You can reach me at:

Email: thart@r3accounting.com

Phone: (954) 202-9770 EXT 4

Thank you for your prompt attention to this important matter. We look forward to helping you stay compliant with these new regulations. Hopefully in 2025 the IRS will coordinate with FinCEN and allow you to use your tax filing to be compliant, but I would not count on it as the BOI filing does NOT require or use any financial information.