Yet another twist regarding the Beneficial Ownership Information Report (BOIR) filing requirement!
Yoseph Shomer, CPA
CPA for all your business tax needs | Professional. Patient. Personal.
This is literally whiplash as the Beneficial Ownership Information Report (BOIR) requirement takes another turn and takes taxpayers for another ride!
The Treasury Department announced on March 2nd that the BOIR requirement under the Corporate Transparency Act will be dramatically limited and qualified.
The department is taking this step to remove an unnecessary burden and red tape from hard-working American taxpayers and small businesses.
Here are the details:
? There will be no enforcement of penalties under the existing deadlines for anyone.
This is because there is so much back and forth that no one will receive a penalty if they are late or miss the current deadline.
? There will be no enforcement of penalties to U.S. Citizens or domestic reporting companies and their beneficial owners for good.
? The BOIR requirement will only apply to foreign reporting companies.
Have a question about this or another tax-related matter? Feel free to reach out!
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Building Sustainable Funding Solutions As a passionate advocate for non-profit organizations, I specialize in helping charities secure significant and continuous monthly donations without any cost to the nonprofit.
5 小时前That’s great news! Thanks for the report.