BARRA TAX SERVICE
SMALL BUSINESS OWNERS
NEW REGULATIONS - DO NOT IGNORE
Our federal government wants more information from small businesses.
If you have a business with the following limitations:
Gross income less than $5 Million Dollars
AND
20 or fewer employees
(So Walmart is pretty safe here)
Report to:
The Financial Crimes Enforcement Network (FinCEN)
They want personal information the IRS already has like, Name, ID #s, Birthdate, ETC.
They call it:
"Beneficial Ownership Information".
No matter what kind of entity you may have, this regulation applies to you with few exceptions.
(S-corp, Partnership, LLC, Sole Proprietorship)
The filing deadline is December 31, 2024. We are hoping it will be rescinded by then.
The penalty for filing late could be:
$500 per day - up to $10,000 and
2 years in prison.
"BOI" - Beneficial Ownership Information"
(I will be waiting until December to file in the hope that this intrusion on our privacy will be rescinded -
you do what you feel is best for you.)
Sorry, this wasn't my idea,
Christopher M. Barra, MS, EA
(More information and details on the FINCEN website)