Deadlines for Beneficial Ownership Information (BOI) reporting will be here soon. As a reminder, you may have an additional reporting requirement this year as a result of the Corporate Transparency Act, which requires certain businesses to disclose information about their beneficial owners. The enactment went into effect on January 1, 2024. Please take the time now, before the end of the year, to determine whether or not you have a BOI filing requirement. Currently, KN+S is not engaging in the preparation of the reports, and we encourage you to consult legal counsel.
For certain companies in existence prior to January 1, 2024, they have until January 1, 2025, to file. For certain companies created or registered in 2024, they have 90 calendar days of the entity’s creation or registration to file. For certain companies created or registered in 2024, they will have 30 calendar days of the entity’s creation or registration to file.
In a recent announcement, only a fraction of the reports have been received to date. As a reminder, late penalties may apply up to $500 per day in fines and criminal penalties up to $10,000 fine and/or up to two years of imprisonment.
For additional information, we strongly encourage you to visit the FinCEN website where you can find details on the reporting requirements, information needed, exceptions to filing, and more. Click here to visit the FinCEN website for information on BOI reporting: https://www.fincen.gov/boi
Lastly, please be vigilant regarding scams and phishing attempts related to the BOI filings. As we approach year-end, phishing and scam attempts will continue to be on the rise. You may receive fraudulent emails, fake notices or letters, or other types of targeted solicitation attempts from scammers to steal personal information. We encourage you to verify the source of communications, check URLs, be cautious of requests for payment, and utilize information directly from the FinCEN website in order to prevent malicious attacks. If you are unsure regarding the source of information, please do not hesitate to reach out. FinCEN does not charge a fee for the BOI filing. However, there are companies you may hire to assist you with the filing.
To view previous KNS newsletters regarding BOI filings, see links below:
Beneficial Ownership Information Reporting under the Corporate Transparency Act: https://newsletter.homeactions.net/landing_page/9795/180342
Beneficial Ownership Information Reporting under the Corporate Transparency Act – Part 2:
https://newsletter.homeactions.net/landing_page/9795/181104
If you have any questions or would like to speak with one of our professionals, please contact our office at 781-453-8700.