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#Post#: 426--------------------------------------------------
The Feds have a NEW Report Required - Small Business
By: gillumhouse Date: January 4, 2024, 12:56 pm
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In my feed today from WV Press Assoc. was this article from the
WV Secretary of State who stresses this is NOT a State
requirement - it is Federal. Beneficial Owners Information is
required of any company that had to file paperwork with their
Secretary of State to open (prior to 1-1-2024 opening has until
12-30-2024 to file - those on or after 1-1-2024 have 30 days
from filing). I have a call in to my Secretary of State Office
to verify as a sole -prop I am exempt. If you are an LLC - you
have to report EVERYONE who has more than 25% ownership/control
of the company. There is a video from the Treasury at the end.
HTML https://wvpress.org/wvpa-sharing/w-va-secretary-of-state-warner-begins-public-education-effort-on-new-federal-reporting-requirements-for-wv-businesses/
#Post#: 427--------------------------------------------------
Re: The Feds have a NEW Report Required - Small Business
By: Arks Date: January 4, 2024, 4:19 pm
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[quote author=gillumhouse link=topic=66.msg426#msg426
date=1704394567]
If you are an LLC - you have to report EVERYONE who has more
than 25% ownership/control of the company.
[/quote]
I own 100% of my LLC. I'll wait for them to make me do
something. It's always something!
#Post#: 428--------------------------------------------------
Re: The Feds have a NEW Report Required - Small Business
By: gillumhouse Date: January 4, 2024, 4:47 pm
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I sent this to the other members of the ALP Advocacy Committee.
Out Committee member in Puerto Rico answered with this:
In Puerto Rico, the CPA Association is recommending going slow
with this new CTA requirement, until clearer directions are
provided. In fact, many CPA firms are not doing it until better
instructions are available. Please note that the CTA is not part
of the Tax Code, and that the new BOI report will be filed with
the Financial Crimes Enforcement Network, not the IRS.
Also, the American Institute of CPA (AICPA) expressed the
following:
“CPAs may feel client and market pressure to take on
responsibilities related to CTA despite their capabilities and
risk tolerance. It is important to understand what level of
service you are comfortable providing, what level of risk you
are comfortable assuming, and what steps you can realistically
take to help mitigate against any unwanted outcomes”.
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