Beneficial Ownership Information Reporting, Required in 2024

Beginning in 2024, beneficial ownership information reporting will be required. Fortunately, we are here to help!

What is the BOI report? It is a report containing information on each beneficial owner with at least 25% or more ownership in the company.

Who is required to file the report? All business owners who have formed a C-corp, S-corp, or an LLC will be required to file.

Are there any penalties for not filing? The BOI filing is a federal report and therefore the company can be liable for hefty fines and even jail time if not filed.

Are there any exemptions that will allow me not to file? There are exemptions for 23 types of businesses in addition to large corporations. The business that are exempt can be found here: https://www.wolterskluwer.com/en/expert-insights/the-23-exemptions-from-the-corporate-transparency-act

What is the timeline to file? You may begin filing the report on January 1st, 2024 and must file before the end of year December 31st, 2024.

Are there any fees and how do I file? There are no fees associated with filing, however we are happy to file your report for a small fee. We will be filing for clients electing this service at the same time that we file all MD personal property returns. Filing can also be done electronically on a site to be named at a later date.

If you are a small business owner and/or current client of ours, please email Marc (marc@magascpa.com) to elect the BOI reporting service. If you have any additional questions, please do not hesitate to contact our office!

Phone: 301-253-0013

Email: Marc@magascpa.com