10/21/2024
LET'S TALK TAXES
If your business does not fall in one of these categories, you MUST file a BOI report.
-A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
-A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
-A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
Failing to file the Beneficial Ownership Information (BOI) Report under the Corporate Transparency Act (CTA) can lead to significant penalties, including:
1. Civil Penalties: A fine of up to $500 per day until the report is filed.
2. Criminal Penalties: If a person willfully provides false or fraudulent information, or knowingly fails to file, they could face a fine of up to $10,000 or imprisonment for up to two years.
Contact BB TAX SOLUTIONS so we can get your business compliant today!!!
