Explore top-notch tax preparation services for small businesses in Plantation, FL. As of January 1, 2024, the Corporate Transparency Act (CTA) impacts corporations, limited liability companies, and limited partnerships. By December 31, 2024, non-exempt business entities in Plantation, FL and around the Country, must submit a Beneficial Owner Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). This report discloses details of beneficial owners who control 25 percent of ownership interests or exercise substantial control over the entity.
Ensure your BOI report includes the following information for each beneficial owner:
- Full legal name
- Date of birth
- Current residential address
- Unique identifying number from a U.S. passport, state or local ID, or driver’s license
- Image of the document with the unique identifying number
FinCEN introduces the Beneficial Ownership Secure System (BOSS) to safeguard BOI data, aiding law enforcement against money laundering, tax evasion, terrorism, and illegal activities. The CTA specifically targets businesses formed by state filing or foreign entities operating in Plantation, FL, and the United States.
Exemptions apply to larger businesses with 20+ employees and $5 million in receipts, as well as heavily regulated entities like publicly traded corporations, banks, insurance companies, and nonprofits. Sole proprietors and general partnerships (in most states) are exempt, but single-member LLCs fall under CTA regulations.
Unlike other reports, the initial BOI filing doesn’t expire, but you must update it promptly. Report any changes to FinCEN within 30 days to fulfill your ongoing duty under the CTA. Stay compliant with the new regulations – choose our tax preparation services for small businesses in Plantation, FL, as your reliable partner.
