*Press Release* *For Immediate Release*
The corporate Transparency Act of 2021 is mandating starting January 1, 2024 that any existing partnership, LLC, or Corporation has to file a beneficiary Ownership Information Report by December 31, 2024. If you do not comply you/the business owners will get assessed a $500 a day penalty up to $10,000!!! In addition, if you are a LLC, Partnership or Corporation that started business in 2024 you will have 90 days to comply versus the existing business that have until the end of the year. Additionally, if any ownership changes throughout the year another report must be filed within 90 days of the ownership change(s). At EG Tax we can help to complete this required reporting; and of course we are available to answer any questions & to guide business owners in the right direction.
Example – Start an LLC on February 1st 2024 the “BOI” is not filed until July 1st 2024. That means the “BOI” is late by 62 days, the penalty will be $10,000. (62 days x $500 a day = $31,000) Penalty Maximum is $10,000
Any questions you can reach me directly at: 716-632-7886
Tiffany M. Fabian, EA