Get ready for a game-changer! Starting January 1, 2024, small businesses must report Beneficial Ownership Information to FinCEN. Are you prepared for this new requirement?
Is your business on the list? Most domestic and foreign companies registered in the U.S. will need to file. Find out if you qualify for any exemptions!
Curious about what you’ll need to share? You’ll need details about your company, its beneficial owners (those with 25%+ ownership), and company applicants.
Pre-2024 companies must file by December 31, 2024. New companies have just 90 days after registration—don’t let deadlines sneak up on you!
Think it’s no big deal? Think again! Failing to report accurately can lead to civil penalties up to $500/day and criminal penalties up to $10,000 or even 2 years in prison. Yikes!
Feeling overwhelmed? Don’t navigate BOI reporting alone! Contact Akron Income Tax Co. at 330-733-1040