The content in this preview is based on the last saved version of your email - any changes made to your email that have not been saved will not be shown in this preview.

LSCV CPAs | CTA Update Nov. 2024

View Email In Your Browser

Stay on a healthy financial path

with dedicated, strategic advisory services

Website Homepage

Schedule an Appointment

ShareFile Upload Center

CTA Updates

Federal lawsuits challenging the CTA have been unsuccessful. The required reporting is due December 31 and is unlikely to be overturned.


WHAT DO I NEED TO DO?

  • You are required to file the BOIR form no later than Dec 31, 2024 if your business was created prior to January 1st, 2024.
  • For businesses created in 2024, you have 90 days from the creation date to file 
  • For businesses created in 2025, you have 30 days from the creation date to file 
  • You will need to obtain a FINCEN ID to make filing the BOIR form easier, especially if you have ownership in multiple entities. Use the link below to register for a FINCEN ID:
  • FINCENID.FINCEN.GOV
  • Contact us now if you would like us to file BOIR on your behalf
  • Sign the BOIR engagement letter CLICK HERE
  • Send your request to lsmo@lscvadvisors.com. Include the company information for each company you would like us to file, the FINCEN ID for each owner, and the signed engagement letter for each company.


WHAT HAPPENS IF I DON’T REPORT

  • Filing is required under federal law.
  • Failure to file penalties are $500 per day, capped at $10,000


REPORTING COMPANIES

Companies who have to report are called reporting companies. Your company is a reporting company and will need to report information about its beneficial owners if it is

  1. A corporation or LLC created in the United States by filing a document with the secretary of state or any similar office; OR
  2. A foreign company and was registered to do business by any US state or an Indian tribe.



This email is intended for informational purposes only and cannot be relied upon as financial, tax or legal advice. Per IRS Circular 230, this e-mail is not considered written tax advice and cannot be used as a defense against the assessment of a penalty.

Overland Park

opks@lscvadvisors.com

913-491-1040

Lee's Summit

lsmo@lscvadvisors.com

816-524-3111

Kansas City/Gladstone

kcmo@lscvadvisors.com

816-436-4006