As we are quickly approaching the end of the year, everybody is scrambling to crunch numbers, prepare for the holidays, and set sight for 2025. This is a reminder that business owners in the US with entities that existed before January 1, 2024, must register their Beneficial Ownership Information (BOI) with the federal government.?
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Changes to Companies House fees Recent updates to Companies House fees are set to impact all registered businesses. It's crucial to stay informed to avoid any surprises. 1. New Fee Structure: Understand the revised fees for registration, annual returns, and other services. 2. Implementation Date: Know when the changes will take effect to prepare in advance. 3. Impact Analysis: Assess how the fee adjustments will affect your business's financial planning. 4. Compliance Tips: Learn best practices to ensure smooth compliance with the new fee regulations. For more detail, check this link below: https://lnkd.in/d7fZzHxb
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Courts are busy deciding whether private companies must comply with new beneficial ownership reporting requirements. A post-Christmas court decision said that companies currently do not have to file beneficial ownership reports with the U.S. Treasury. But the situation could change at any time. https://lnkd.in/ePz22v8Y
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Do you know how the Corporate Transparency Act will affect small businesses? The act requires American companies to report beneficial ownership information including control parties to the U.S. federal government. Read more here: https://lnkd.in/gFrDQRHm #BizInsights #SponsoredContent #PartneredContent
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Attention Queens-based Business Owners... Did you know??? Starting January this year, a new law is in effect, and compliance is crucial. The Corporate Transparency Act mandates that businesses must submit a Beneficial Ownership Information Report (BOI Report) to FinCEN. Failure to comply could result in daily fines up to $500. Here's what you need to know: - For businesses registered before 2024, the report must be submitted by year-end to avoid fines. - If your business was registered this year, you have 90 days from registration to submit the report. - No exemptions apply, regardless of business size or revenue. Even if you've never submitted a report before, compliance is mandatory. But don't worry our partners – Queens Economic Development Corporation has you covered! They've developed a comprehensive webinar to guide you through the process step by step. This resource is invaluable and time sensitive. Don't risk fines – ensure compliance today. Register for our webinar and safeguard your business from penalties! REGISTER TODAY FOR THIS FREE WEBINAR! Avoid a $500 a Day Fine: The New Law Affecting All Businesses April 24 @ 12:30 pm?-?1:30 pm For more information or to register, go to: https://lnkd.in/ebM8wgnn #ComplianceMatters #CorporateTransparencyAct #QEDCWebinar
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I'm noticing in conversations I've been having that there are still a lot of business owners that aren't aware of this, so I'm spreading the word ??. If you are a business owner with an LLC or Corporation, you MUST file your BOI (Beneficial Ownership Information) report with FinCEN by the deadline that applies to your business. The purpose of BOI filing is to identify those who own a company and those who exercise significant control of a company. This transparency allows authorities to monitor and prevent illegal activities like money laundering. Here are some key deadlines for business owners: ?? If your business was registered prior to Jan 1, 2024 ? Deadline to report: Jan 1, 2025 ?? If your business was registered after Jan 1, 2024 ? Deadline to report: Within 90 days ?? If your business will be registered on or after Jan 1, 2025 ? Deadline to report: Within 30 days There are some business entities exempt from filing, including sole-proprietorships & certain tax exempt entities (among others). The penalties for late or missed filing are steep - so, don't let this fall through the cracks, friends! If you have questions, feel free to reach out. I'm happy to help!
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?? Breaking News for U.S. Businesses! ?? A federal court has temporarily halted the Beneficial Ownership Information (#BOI) reporting requirements. What does this mean for your company's compliance? ?? ?? Stay informed about the latest updates, Treasury's appeal, and how this ruling impacts corporate transparency. Don't miss out! ?? Read more here: https://lnkd.in/d5NhuqYA #CorporateTransparency #BOIReporting #ComplianceMatters #FinCEN #BusinessNews
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Delving into the Corporate Transparency Act: navigating transparency vs. practicality. Our latest #GlobalBusiness blog by Alican Bodur, MBA, explores the nuances of beneficial ownership disclosure and its impact on small businesses. Read more on our website at the link below. #InternationalTax #BOI #CTA
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Stay informed! FinCEN and the IRS are collaborating to provide in-person guidance on the Corporate Transparency Act's #BOI reporting requirements at this year’s annual IRS Tax Forum events. Here’s what you need to know about this important opportunity:
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