{"id":1092,"date":"2024-02-20T13:48:00","date_gmt":"2024-02-20T21:48:00","guid":{"rendered":"https:\/\/www.aikapa.com\/Financial_Bites\/?p=1092"},"modified":"2024-08-20T13:51:58","modified_gmt":"2024-08-20T20:51:58","slug":"small-business-owners-new-boi-filing-under-appeal","status":"publish","type":"post","link":"https:\/\/www.aikapa.com\/Financial_Bites\/?p=1092","title":{"rendered":"Small Business Owners: New BOI Filing Under Appeal"},"content":{"rendered":"\n<p>The potential for harm caused by less-legitimate entities compelled Congress in 2021 to pass the Corporate Transparency Act (CTA), which created a new requirement for many small businesses (mostly LLCs and corporations) to report information on their &#8220;beneficial owners&#8221;. The main purpose is to uncover ownership within \u2018Shell\u2019 companies. The <strong>B<\/strong>eneficial <strong>O<\/strong>wnership <strong>I<\/strong>nformation (BOI) report will need to be filed with the Treasury Department&#8217;s <strong>F<\/strong>inancial <strong>C<\/strong>rimes <strong>E<\/strong>nforcement <strong>N<\/strong>etwork (FinCEN). It requires filing contact information on those who own at least 25% of, or who otherwise have substantive control over the business. Failure to file (or file it incorrectly) will result in penalties of up to $500 per day.<\/p>\n\n\n\n<p>Most companies with just one or a handful of owners will have relatively simple BOI reporting and we can help you complete these (<em>for which the primary hurdle is simply remembering to submit an initial BOI report ahead of the January 1, 2025, deadline for pre-existing companies<\/em>). On the other hand, companies with more complex ownership and leadership structures will need legal assistance to ensure they record all beneficial owners.<\/p>\n\n\n\n<p><strong><em>But before you begin looking at filing your BOI or whether you will be required to file<\/em><\/strong><em>,<\/em> keep in mind that the CTA <strong><em>was ruled unconstitutional<\/em><\/strong> earlier this year by <em>U.S. District Judge Liles C Burkeand<strong> is currently under appeal. <\/strong><\/em>It is generally accepted that this is a valuable anti-money laundering tool and will be ruled constitutional.<\/p>\n\n\n\n<p>W<em>e\u2019ll monitor and revisit BOI filing in November\/December with our business owner clients.<\/em><\/p>\n\n\n\n<p>Edi Alvarez, CFP\u00ae<br>BS, BEd, MS<\/p>\n\n\n\n<p><a href=\"https:\/\/www.aikapa.com\/\">www.aikapa.com<\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The potential for harm caused by less-legitimate entities compelled Congress in 2021 to pass the Corporate Transparency Act (CTA), which created a new requirement for many small businesses (mostly LLCs and corporations) to report information on their &#8220;beneficial owners&#8221;. The &hellip; <a href=\"https:\/\/www.aikapa.com\/Financial_Bites\/?p=1092\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28,362],"tags":[423],"class_list":["post-1092","post","type-post","status-publish","format-standard","hentry","category-business-planning","category-small-business-owners","tag-boi"],"_links":{"self":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts\/1092","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1092"}],"version-history":[{"count":1,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts\/1092\/revisions"}],"predecessor-version":[{"id":1093,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=\/wp\/v2\/posts\/1092\/revisions\/1093"}],"wp:attachment":[{"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1092"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1092"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.aikapa.com\/Financial_Bites\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1092"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}