If you have a small business, no matter when it was created, there is a new Federal report, the Beneficial Ownership Information Report (BOIR), that needs to be filed with the Federal Government or there will be penalties for not filing the report. The Government is not charging a fee for filing this report. In order to file this report, please go to following website: https://boiefiling.fincen.gov/fileboir and fill out the questionnaire and send in the required copies of your driver’s licenses.

The businesses required to report are those who:

1. reported less than $5 Million in gross revenue on its last filed U.S. Tax return
2. the business has less than 20 full-time employees in the U.S.
3. the business has an operating presence at a physical office in the U.S.

Once more, the government is not charging for filing a BOIR or an amended BOIR on your own. The deadline for a Reporting Company to file its initial BOIR is dependent on when the Reporting Company was created.

If the Company was created prior to January 1, 2024, then this report must be filed no later than January 1, 2025.

If the company was created after January 1, 2024, but before January 1, 2025, the report must be filed within 90 days of formation, or of the date of receiving notice that the filing of the company has been recorded by the Secretary of State.

If information in the BOIR changes or is out-of-date, you are required to file a new BOIR within 30 days with accurate and current information. This would be if ownership changes, company information changes, or if owner information changes.

Doing nothing is not an option!

We suggest that you do the filings on your own. However, if you have any questions relating to the CTA or would like someone to do the filing for you for a fee, there is a business that will do them for you named BLG, Inc. and you can contact them at alexbeyeresq@gmail.com or (916)764-3233.