Clara CFO Group ’s Post

⚠️NEW AND ESTABLISHED BUSINESS OWNERS: The new BOI reporting requirements come with hefty fines if you do not complete this report on time! New businesses established after January 1, 2024, are required to submit their initial BOI report within 90 days of formation. Failure to file the initial report within the stipulated 90-day timeframe can result in $500 a day in civil penalties. Existing businesses established prior to January 1, 2024, have until January 1, 2025, to file their initial BOI report. Failure to file the initial report within the stipulated year long timeframe can result in $500 a day in civil penalties, a $10,000 criminal penalty as well as possible jail time. This is a one-time reporting requirement with no fee. This is something you can do on your own, but we are offering assistance if you need it! Contact us at (615) 773-2736 or visit https://lnkd.in/edmwZYyB for more information

🚨 Important Update on BOI Reporting! A Federal court has paused enforcement of the Corporate Transparency Act’s BOI provisions. FinCEN hasn’t responded yet, and challenges are expected. Learn more in Mike Castle's blog 👉https://hubs.la/Q02-KkM30 #Wiss #CorporateTransparencyAct #BOI #BeneficialOwnership #CTA

⚠️NEW AND ESTABLISHED BUSINESS OWNERS: The new BOI reporting requirements come with hefty fines if you do not complete this report on time! New businesses established after January 1, 2024, are required to submit their initial BOI report within 90 days of formation. Failure to file the initial report within the stipulated 90-day timeframe can result in $500 a day in civil penalties. Existing businesses established prior to January 1, 2024, have until January 1, 2025, to file their initial BOI report. Failure to file the initial report within the stipulated year long timeframe can result in $500 a day in civil penalties, a $10,000 criminal penalty as well as possible jail time. This is a one-time reporting requirement with no fee. This is something you can do on your own, but we are offering assistance if you need it!  Contact us at (615) 773-2736 or visit https://lnkd.in/edmwZYyB for more information

BOI Reporting Temporarily Blocked The court has paused nationwide enforcement of BOI (Beneficial Ownership Information) reporting under the Corporate Transparency Act for now. However, this may change soon as FinCEN is expected to appeal the decision. To stay ahead of any potential updates, we recommend providing your BOI information now. Our team is here to help you navigate these changes. Contact us today to ensure compliance! #BOIUpdate #CorporateTransparencyAct #BusinessCompliance #StayInformed

🚨 Attention Business Owners: Have You Filed Your BOI Report 🚨 🔑 Fast Facts 💼 What is BOI? It’s a report required under the Corporate Transparency Act that provides the government with information about your business, its owners, and applicants to prevent financial crimes. 🗓️ When to File: Businesses created before January 1, 2024: File by January 1, 2025. Businesses created during 2024: File within 90 days. Businesses created on or after January 1, 2025: File within 30 days. 📋 Compliance Filing with the Financial Crimes Enforcement Network (FinCEN) helps maintain your business's compliance and avoid criminal or civil penalties. #BusinessCompliance #CorporateTransparencyAct #BOIReport #SmallBusinessSupport

🚨 Important Update on BOI Reporting Deadline 🚨 A federal judge in Texas has issued a preliminary injunction blocking enforcement of the Jan. 1, 2025 deadline for businesses to report their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This means businesses nationwide will not need to comply by Jan. 1 unless a higher court reverses the order. However, this doesn't mean the requirement is off the table. Challenges to the Corporate Transparency Act are ongoing, and businesses should prepare for compliance. We encourage all covered businesses to complete their BOI reports as soon as possible to avoid future complications. With only ~25% of eligible businesses registered so far, it’s critical to act now. 💡 Need help with your BOI reporting? We’re here to guide you. Stay informed and stay ahead. #businesscompliance #BOIReporting #JBSCorp #BOI #businessowner

Attention Business Owners: Don’t Overlook BOI Reporting! Beneficial Ownership Information (BOI) reporting requires companies to disclose details about individuals with significant control or ownership. This important measure helps authorities curb illegal activities like money laundering and tax evasion. 🚨 Key Deadlines to Remember Missing these deadlines can lead to serious penalties—ensure you stay compliant! The BOI report can be filed electronically with the Financial Crimes Enforcement Network (FinCEN) at boiefiling.fincen.gov. Got questions? Drop them in the comments—we’re here to help you navigate BOI reporting with confidence! 🗂️ Save this post for future reference.

BREAKING NEWS: The United States District Court of Texas has just issued (12/3) a nationwide preliminary injunction barring enforcement of the Corporate Transparency Act (CTA). What does this mean? Under the CTA, companies were required to submit Beneficial Ownership Forms by the end of the year. The BOI reporting requirement mandates that a report with owner information be submitted for all businesses in existence in the United States starting in January 2024. The new court order bars enforcement of this deadline. What should I do? If you have not yet filed your Beneficial Ownership Form (BOI),you may wish to delay the filing until there is more information. Currently, the Financial Crimes Enforcement Network (FinCEN) which receives the BOI reports has not yet issued guidance in light of the injunction, but such a statement may be coming. We will keep you posted.In the meantime, it's a good idea to prepare the information needed for the report should it need to be submitted.  Where can I find more information? You can read the court's decision in granting the injunction at https://lnkd.in/gyQxWV9E We expect the FinCEN to make a statement in the future.

Here is your Monday read: On June 10, 2024, the Financial Crimes Enforcement Network (FinCEN) released further guidance regarding Corporate Transparency Act (CTA) compliance by updating the Beneficial Ownership Information (BOI) Reporting Frequently Asked Questions (FAQs). The updates provide clarity on reporting requirements for Indian Tribes and entities formed under Tribal law, as well as clarity regarding exemptions for certain public utilities and large operating companies. https://buff.ly/4bem9lC

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