941 & Business Taxes

New in 2024: LLCS and Corps Must Disclose Owners

If you own a LLC or Corporation in the USA, you need to disclose who owns your company in 2024 to FinCen (Financial Crimes Enforcement Network).

The Beneficial Ownership Information (BOI) reporting legislation was passed in late 2022 to combat opaque business entities and money laundering. Whether this disclosure might ALSO hasten enforcement on Corporate and LLC non tax filers remains to be seen. But you would think it will eventually impact that.

In the meantime, get ready to disclose this information using Driver's License or passport info thru fincen.gov. The system isn't active yet, but communications on how to submit BOI will update thru the year. The information we know now is that there will be a few exempt companies from the rule in the insurance and financial sector and if the company is dissolved, you won't need to report.

WATAX will be offering BOI disclosure services to our current corporate, partnership and Single member LLC clients.

Posted on December 18, 2023

Is 2024 the year to solve your tax issue? WATAX is ready to assist you now. Please call us at 1-888-282-4697 or email us a description of your tax issue and we'll contact you promptly.

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