05/21/2024
Important!!!!!!!!! ALERT !!!!!!!! IMPORTANT!!!!!
Hey All - Message from a Watchman- Oversight Reminder!!
Remember the Corporate Transparency Act!
This is a new requirement to file with the government for businesses with 23 exemptions (See Screenshots)
IRS Announcement:
Failure to file a BOI report can result in severe civil and criminal penalties. If you don’t file a BOI report, you could face a $500-per-day fine, up to $10,000, and up to two years in prison. If you disclose BOI without authorization, you could face a $500-per-day fine, up to $250,000, and up to five years’ imprisonment.
IRS DEADLINE:
The deadline for companies that existed before January 1, 2024 to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) is January 1, 2025. Companies that were formed or registered on or after January 1, 2024 have 90 days to file, and companies formed or registered on or after January 1, 2025 have 30 days to file.
Takeaway:
It's important to get the estate planning documents completed before filing.
Meaning, a active organization should have a Trust/Holding company that protects all assets such as.....
Owned Property, Trademarks, Copyright, Homes ect....
Glossy Byrd Management, LLC is here to support!
Book your vision talk today and let's discover the possibilities.
https://www.glossybyrd.com/booking-calendar/consultant-training-inspiration-talk
