We wanted to bring to your attention a new filing requirement that affects your small business.

Starting this year, all small businesses and LLCs in the US are required to file a Beneficial Ownership Information Report (BOIR). This regulation stems from the Corporate Transparency Act (CTA), enacted to combat money laundering and terrorism financing.

Here’s what you need to know:

– Who’s Affected: Small to medium-sized businesses (registered w/ the state)

– What to Do: Submit “beneficial owner” information to the Financial Crimes Enforcement Network (FinCEN).

– Deadline: If there are no changes, the filing deadline is December 31, 2024. Otherwise, within 30 days of any ownership or address changes.

– How to File: You can file for free using the link provided: https://boiefiling.fincen.gov/fileboir

– Resources: Find guidance and FAQs on the FinCEN website. https://boiefiling.fincen.gov/

– Penalties: Non-compliance can result in fines and even imprisonment.

We will not be able to file this form for you, but we will provide assistance with the filing process. 

Alison Cogan, CPA/PFS, Director of Tax Services

MRA Tax Services

3799 US Hwy 46, Ste. 100, Parsippany, NJ 07054

(973) 265-1182

Email Alison: acogan@mrataxes.com

Advisory Services are offered through MRA Advisory Group, a Registered Investment Adviser. It is general in nature that the statements herein are not a complete statement of all information necessary for making an investment decision and is not a recommendation or a solicitation to buy or sell any security. The investments and strategies mentioned may not be suitable for all investors. Past performance is no guarantee of future results. Nothing herein, nor any attachment, shall be considered to constitute (i) an offer to sell, nor a solicitation of an offer to purchase, any security, or (ii) tax or legal advice.