Corporate Transparency Act - Beneficial Ownership Information Report Filing

[GodFather]

Hopefully some of you are more familiar with this act than I am.  I did investigate it a bit:

File the Beneficial Ownership Information Report (BOIR) | FinCEN Filing (submityourboir.com)

I have a small hair salon as a client, Schedule C Single LLC.  Based on reviewing the information in the link above, it seems she is required to complete this filing.  I think the due date has been extended until July 1, 2025?

Appreciate any input.  

[Jim-from-Ohio · Accepted solution]

- new companies formed in 2024 have 90 days

- previously set up companies have until 01.01.25, with one exception

On October 29, 2024, the Financial Crimes Enforcement Network (FinCEN) announced that certain reporting companies affected by Hurricanes Milton, Helene, Debby, Beryl, and Francine will receive an additional six months to submit initial, updated, and corrected beneficial ownership information (BOI) reports. 

[Just-Lisa-Now-]

its pretty quick and easy, she should probably just get it done now.  The worse part for people that arent tech savvy is uploading a picture of your drivers license.

[judys3]

This!  I have filed so many for people.  Super easy.

[GodFather]

Even the smallest Schedule C needs to complete this?  Someone who does not have a true business but is required to complete a Schedule C.  

[Just-Lisa-Now-]

Only if they created an LLC or Corp. 

Sole proprietors dont have to do it UNLESS they live in a state that requires them to register their business with their Secretary of State....I have no clue which states these might be, but this is what I remembered from my CEs last year.

[BobKamman]

No, even the smallest LLC.   For many people that stands for "Lemmings Leaping Cliffs," because they did it only because everyone else was doing it, but maybe she had her reasons.  She's probably not in California, where LLC's pay an annual tax and sole proprietors manage to survive without them.