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Beneficial Ownership Information (BOI) Reporting begins 01/01/2024

Article | December 18, 2023 | Authored by KDP LLP

 

During 2021, Congress enacted the Corporate Transparency Act (CTA). This legislation introduces new reporting requirements for certain business entities that were created in or are registered to do business in the U.S. to enhance transparency and prevent illicit activities.

Effective January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) will require companies that were created in, organized, or doing business in the U.S. to disclose information about the beneficial owners and organizers; Beneficial Ownership Information (BOI) reporting. Entities in existence prior to 1/1/2024 that become subject to the BOI reporting are required to file their first report before January 1, 2025.

WHAT THIS MEANS FOR KDP, LLP & OUR CLIENTS

If you are an owner of a business (corporation or pass-through entity), or have a single-member LLC, these new requirements may apply to you. Although certain information pertaining to CTA requirements may overlap with information we request for tax preparation or other services, the CTA reporting requirements fall outside the scope of tax compliance KDP can provide. As such, KDP is restricted from assisting or advising you regarding these new rules. It is strongly advised that you familiarize yourself with these new rules (link below), and we encourage you to consult with your attorney to ensure you are in compliance.

Click here to review FinCEN’s set of FAQs and explanation of the rules.

If you have questions regarding this subject matter, please contact our office at (541) 773-6633 (Oregon Office) or (208) 373-7890 (Idaho Office).

Let’s Talk!

Call us at (541) 773-6633 (Oregon), (208) 373-7890 (Idaho) or fill out the form below and we’ll contact you to discuss your specific situation.





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KDP Certified Public Accountants, LLP is a team of CPAs and business advisors with a local focus, but a national reach. We have offices in Medford, Oregon and Boise, Idaho, as well as satellite offices throughout the United States. We have been providing professional tax, accounting, audit, and management advisory services since 1976, serving clients nationwide. Our firm has more than 90 trained professionals on staff dedicated to furnishing high-quality, timely and creative solutions for our clients.

For more information on how KDP LLP can assist you, please call us at:

Oregon Office:
(541) 773-6633

Idaho Office:
(208) 373-7890.