Can I Still Say Happy New Year, Or Did the Statute of Limitations Run Out?
Can I still say Happy New Year or did the Statute of Limitations run out? I trust your 2024 is off to a good start. I wanted to circle back on the new FinCen reporting requirements for entities. The report submission site is active and new updates have been provided. I will try to make this as quick and painless as possible, but like anything else it’s a government program. Here are three key things to look at:
Are you subject to the filing requirements (i.e., are you a reporting company)?
- The answer here is a bit in depth. However, here is the link to the relevant section of the FAQ.
If I am a reporting company, when do I have to file?
- 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.
Where do I file this information?
We also put together a quick memo for you to reference. If you have any questions about this topic, please make sure you reach out to your professional business advisors for assistance (business attorney, business accountant, business financial advisor, etc.).
We look forward to speaking more with you as the year progresses.
Here are a few other items of interest:
- New ERC Disclosure Program Taxpayers to Repay Only 80% of Questionable Claims (eisneramper.com)
- IRS Delays Implementation of Lowered 1099-K Filing Threshold Until 2025 (eisneramper.com)
As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.
Please see all of our prior updates at this link or if you would like to be added to our email list, please click here.