 To all business owners, be sure to not let this Beneficial Ownership Information Reporting (BOIR) pass you by. It may have crippling consequences. The Financial Crimes Enforcement Network (FinCEN) provided information that I will highlight below.
In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them. According to the act, Reporting Companies have deadlines to meet. Reporting Companies Filing Timelines
Now, let's talk about penalties for NOT filing your BOIR. As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this information, the amount was $591. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information. To be clear, the person who files the BOI Report on behalf of the company may be subject to the same civil and criminal penalties as the report company and its senior officers. There are some exemptions to the BOI Reporting requirement that include:
Tax Largie, Inc. will be happy to assist with the filing of this Report for a small fee. Contact us! We'll be happy to assist.
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 Let's talk about that "elephant" on your back called EIDL Monthly Payments. There's a rising number of SBA EIDL loan recipients finding it increasingly challenging to make those EIDL monthly payments. If you haven't heard, I have some good news for you. The, "SBA is offering a Hardship Accommodation Plan (HAP) for COVID-19 EIDL borrowers experiencing short-term financial challenges." For those of you that have applied previously and was denied, you should try again. In February 2024, the HAP was expanded to now allow a wide range of previously ineligible applicants to now be eligible. Simply contact SBA for further guidance. As long as the Treasury has not taken collection steps on your SBA EIDL loan, you should be eligible for the HAP. Otherwise, you will need to make payments directly to the Treasury. You can check out the SBA website for more information or consult your professional of choice for more information. As a reminder, Tax Largie has expanded services to assist with your Real Estate needs that includes:
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