Effective January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of the Treasury Department that is separate and distinct from the IRS, is implementing new beneficial ownership information (BOI) reporting requirements for certain types of entities that were created in or are registered to do business in the US and for organizers of these entities. These new BOI reporting requirements were established under the Corporate Transparency Act (CTA) and are designed to identify the ultimate owners or the individuals who control companies. Refer to FinCEN’s website for details.
Though the information necessary to comply with the CTA requirements may overlap with information that we request from you to satisfy your income tax and other compliance requirements, the CTA reporting requirements fall outside the scope of tax compliance and other permissible services that Snodgrass can provide. As a result, Snodgrass is restricted from assisting or advising you regarding these new rules. It is strongly advised that you familiarize yourself with these new rules. FinCEN has issued a set of FAQs that explains them. However, these BOI reporting requirements are complex, and we encourage you to consult with your attorney to ensure that you are in compliance with these new requirements.