Hi CEOs,

This week I wanted to give you a heads up about an important update that pertains to your LLC. It doesn't take effect until January 1, 2024, but we all know it will be here before you know it.

Beneficiary Ownership Information Report

Effective January 1, 2024, corporations, LLCs, or any other entity created by filing with a secretary of state, and foreign reporting companies are required to file a Beneficiary Ownership Information report. This is information that will identify the individuals who directly or indirectly own or control a company.

You will have to provide the following for each beneficial owner:

1. The individual's name, date of birth, and address
2. A unique identifying number from an acceptable identification document
3. the name of the state or jurisdiction that issued the identification document

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The purpose of this rule, enacted by the Corporate Transparency Act, is to prevent illegal acts. The information will be shared with law enforcement, financial institutions, and other authorized users.

There is nothing for you to do right now. There's actually nothing you can do right now. If your company was registered before January 1, 2024, you will have until January 1, 2025 to file your initial beneficial ownership information report. If you register a company after January 1, 2024, you will have 30 days for file your initial BOI report.

What happens if you don't file the report on time?

You will be fined $500 per day up to $10,000.

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Click here for a more detailed FAQ to read at your leisure:

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There is no better time than now to get your business organized and in order. Get in the habit of dotting your i's and crossing your t's if you aren't already doing so.

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Upcoming Deadlines:

September 15th

3rd Quarter Estimated Tax Payments

Partnership and S Corp Extension Deadline​
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October 15th

Individual and Corporation Extension Deadline

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P.S. The 2 biggest mistakes I see with tax problems are people waiting too late, or doing nothing at all. The savings begin when you take action.

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We create tax plans for 6+ figure CEOs and real estate pros to reduce their taxes and boost their profits.

Take the first step and click the link below to schedule your tax analysis discovery call.

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If you need additional strategies to reduce your taxes click the button below to schedule your appointment.

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Missed previous updates? You can check them all out here on our blog:

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