UBU Tax Professionals Elite
Beneficial Ownership Information (BOI)
NEW TAX INFORMATION FOR LLC AND CORPORATIONS BENEFICIAL OWNERSHIP INFORMATION
The Corporate Transparency Act (CTA) is a law that requires many companies in the United States to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCen) starting from January 1, 2024. The purpose of this act is to increase transparency in unregulated companies and prevent criminals from hiding behind corporate structures.
Under the CTA companies must submit a beneficial ownership information (BOl) report to FinCEN, w includes information about the individuals who ultimately own or control the company. Companies that knowingly provide false or fraudulent beneficial ownwership information or willfully fail to provide beneficial ownership information to FinCEN may face civil penalties of up to $500 per day (up to $10,000) or criminal penalties of up to 2 years in prison. This is an overview of information.
If you have further questions about the Corporate Transparency Act, it is recommended that you consult with a legal professional for more detailed information or the Internal Revenue Service. Taxpayers should be able to file this report directly. However, Tax Professions will provide those services for an additional fee for those Taxpayers who prefer not to file directly.
Remember, this is a new Tax Requirement. We will keep you apprised of any new developments.
Websites:
Our Mission
UBU Tax Professionals Elite (UBU Tax Pros) is a unique, detailed professional Tax Company, a subsidiary of Universal Business Unlimited, Inc. Our Seasoned Tax Professionals’ goal is to find all the deductions that will assist the Tax Payer and Maximize Your Tax Dollars. Our Motto: “We Do It Right the First Time.” “We Are the Best, and Stand Above the Rest.”
