Welcome To ADHIKARI CPA
Adhikari CPA PLLC has been providing personalized tax and accounting services throughout Texas and CT since 2019. With our certified training and expansive financial knowledge, we are equipped to handle all of your accounting & tax needs, no matter how complex. Whether you require assistance at the corporate or personal level, we are ready to serve as your tax planners and accounting advisors.
The 2024 Beneficial Ownership Reporting & Requirement is a new reporting regime that came into effect on January 1, 2024. It requires many companies in the United States, including corporations, limited liability companies (LLCs), and other entities, to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury
A beneficial owner is an individual who ultimately owns or controls a company. The information to be reported includes the beneficial owner’s name, date of birth, address, and an identifying number from a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe.
This reporting requirement is part of the Corporate Transparency Act (CTA), a law designed to help prevent and combat money laundering, tax fraud, and other financial crimes. By requiring companies to disclose their beneficial owners, the CTA aims to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
For the general public, this reporting requirement is a significant step forward in protecting economic and national security, and in tackling illicit finance enabled by opaque corporate structures. It helps to increase transparency and accountability in the business sector.
For investors, understanding the beneficial ownership of a company can be crucial for making informed investment decisions. It allows investors to know who they are dealing with and assess potential risks associated with a particular company. Moreover, it can help investors ensure that their investments are not inadvertently supporting illegal activities.
Please note that failure to report beneficial ownership information may result in civil and criminal penalties. Therefore, it’s important for companies to understand and comply with these new reporting requirements. If you need more detailed information, I recommend visiting the official FinCEN website or consulting with a legal professional. 😊
Who is liable to file?
The Beneficial Ownership Information Reporting requirement applies to domestic reporting companies. These are defined as:
Corporations:
These are legal entities that are separate and distinct from their owners. Corporations enjoy most of the rights and responsibilities that individuals possess.
Limited Liability Companies (LLCs):
An LLC is a type of business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Other Entities:
This refers to any other type of business entity that is created by filing a document with a secretary of state or similar office. This could include partnerships, trusts, cooperatives, and other types of business structures.
These entities are required to file reports with FinCEN that identify two categories of individuals1:
Beneficial Owners:
These are the individuals who ultimately own or control the entity. This could include shareholders in a corporation, members of an LLC, or partners in a partnership.
Company Applicants:
These are the individuals who formed the entity. This could include the incorporators of a corporation, the organizers of an LLC, or the partners in a partnership.
It’s important to note that not all entities are required to report. Some entities may qualify for an exemption.
When to file?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
If your company was created or registered in 2024, you have 90 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
If your company was created or registered on or after January 1, 2025, you have 30 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
Where to file?
You can file electronically through a secure filing system available via FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov).
How to file?
You can file your company’s beneficial ownership information electronically through FinCEN’s BOI E-Filing website. You will need to provide basic contact information about yourself, including your name and email address or phone number.
What if we don’t file?
If a company fails to report beneficial ownership information as required, it may face both civil and criminal penalties:
Civil Penalties: A person who willfully violates the Beneficial Ownership Information (BOI) reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.
Criminal Penalties: In addition to civil penalties, that person may also be subject to criminal penalties, including a fine of up to $10,000, imprisonment for not more than 2 years, or both.
Last date for filing?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
The 2024 Beneficial Ownership Reporting & Requirement is a new reporting regime that came into effect on January 1, 2024. It requires many companies in the United States, including corporations, limited liability companies (LLCs), and other entities, to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury
A beneficial owner is an individual who ultimately owns or controls a company. The information to be reported includes the beneficial owner’s name, date of birth, address, and an identifying number from a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe.
This reporting requirement is part of the Corporate Transparency Act (CTA), a law designed to help prevent and combat money laundering, tax fraud, and other financial crimes. By requiring companies to disclose their beneficial owners, the CTA aims to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
For the general public, this reporting requirement is a significant step forward in protecting economic and national security, and in tackling illicit finance enabled by opaque corporate structures. It helps to increase transparency and accountability in the business sector.
For investors, understanding the beneficial ownership of a company can be crucial for making informed investment decisions. It allows investors to know who they are dealing with and assess potential risks associated with a particular company. Moreover, it can help investors ensure that their investments are not inadvertently supporting illegal activities.
Please note that failure to report beneficial ownership information may result in civil and criminal penalties. Therefore, it’s important for companies to understand and comply with these new reporting requirements. If you need more detailed information, I recommend visiting the official FinCEN website or consulting with a legal professional. 😊
Who is liable to file?
The Beneficial Ownership Information Reporting requirement applies to domestic reporting companies. These are defined as:
Corporations:
These are legal entities that are separate and distinct from their owners. Corporations enjoy most of the rights and responsibilities that individuals possess.
Limited Liability Companies (LLCs):
An LLC is a type of business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Other Entities:
This refers to any other type of business entity that is created by filing a document with a secretary of state or similar office. This could include partnerships, trusts, cooperatives, and other types of business structures.
These entities are required to file reports with FinCEN that identify two categories of individuals1:
Beneficial Owners:
These are the individuals who ultimately own or control the entity. This could include shareholders in a corporation, members of an LLC, or partners in a partnership.
Company Applicants:
These are the individuals who formed the entity. This could include the incorporators of a corporation, the organizers of an LLC, or the partners in a partnership.
It’s important to note that not all entities are required to report. Some entities may qualify for an exemption.
When to file?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
If your company was created or registered in 2024, you have 90 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
If your company was created or registered on or after January 1, 2025, you have 30 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
Where to file?
You can file electronically through a secure filing system available via FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov).
How to file?
You can file your company’s beneficial ownership information electronically through FinCEN’s BOI E-Filing website. You will need to provide basic contact information about yourself, including your name and email address or phone number.
What if we don’t file?
If a company fails to report beneficial ownership information as required, it may face both civil and criminal penalties:
Civil Penalties: A person who willfully violates the Beneficial Ownership Information (BOI) reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.
Criminal Penalties: In addition to civil penalties, that person may also be subject to criminal penalties, including a fine of up to $10,000, imprisonment for not more than 2 years, or both.
Last date for filing?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
The 2024 Beneficial Ownership Reporting & Requirement is a new reporting regime that came into effect on January 1, 2024. It requires many companies in the United States, including corporations, limited liability companies (LLCs), and other entities, to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury
A beneficial owner is an individual who ultimately owns or controls a company. The information to be reported includes the beneficial owner’s name, date of birth, address, and an identifying number from a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe.
This reporting requirement is part of the Corporate Transparency Act (CTA), a law designed to help prevent and combat money laundering, tax fraud, and other financial crimes. By requiring companies to disclose their beneficial owners, the CTA aims to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
For the general public, this reporting requirement is a significant step forward in protecting economic and national security, and in tackling illicit finance enabled by opaque corporate structures. It helps to increase transparency and accountability in the business sector.
For investors, understanding the beneficial ownership of a company can be crucial for making informed investment decisions. It allows investors to know who they are dealing with and assess potential risks associated with a particular company. Moreover, it can help investors ensure that their investments are not inadvertently supporting illegal activities.
Please note that failure to report beneficial ownership information may result in civil and criminal penalties. Therefore, it’s important for companies to understand and comply with these new reporting requirements. If you need more detailed information, I recommend visiting the official FinCEN website or consulting with a legal professional. 😊
Who is liable to file?
The Beneficial Ownership Information Reporting requirement applies to domestic reporting companies. These are defined as:
Corporations:
These are legal entities that are separate and distinct from their owners. Corporations enjoy most of the rights and responsibilities that individuals possess.
Limited Liability Companies (LLCs):
An LLC is a type of business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Other Entities:
This refers to any other type of business entity that is created by filing a document with a secretary of state or similar office. This could include partnerships, trusts, cooperatives, and other types of business structures.
These entities are required to file reports with FinCEN that identify two categories of individuals1:
Beneficial Owners:
These are the individuals who ultimately own or control the entity. This could include shareholders in a corporation, members of an LLC, or partners in a partnership.
Company Applicants:
These are the individuals who formed the entity. This could include the incorporators of a corporation, the organizers of an LLC, or the partners in a partnership.
It’s important to note that not all entities are required to report. Some entities may qualify for an exemption.
When to file?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
If your company was created or registered in 2024, you have 90 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
If your company was created or registered on or after January 1, 2025, you have 30 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
Where to file?
You can file electronically through a secure filing system available via FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov).
How to file?
You can file your company’s beneficial ownership information electronically through FinCEN’s BOI E-Filing website. You will need to provide basic contact information about yourself, including your name and email address or phone number.
What if we don’t file?
If a company fails to report beneficial ownership information as required, it may face both civil and criminal penalties:
Civil Penalties: A person who willfully violates the Beneficial Ownership Information (BOI) reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.
Criminal Penalties: In addition to civil penalties, that person may also be subject to criminal penalties, including a fine of up to $10,000, imprisonment for not more than 2 years, or both.
Last date for filing?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
The 2024 Beneficial Ownership Reporting & Requirement is a new reporting regime that came into effect on January 1, 2024. It requires many companies in the United States, including corporations, limited liability companies (LLCs), and other entities, to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury
A beneficial owner is an individual who ultimately owns or controls a company. The information to be reported includes the beneficial owner’s name, date of birth, address, and an identifying number from a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe.
This reporting requirement is part of the Corporate Transparency Act (CTA), a law designed to help prevent and combat money laundering, tax fraud, and other financial crimes. By requiring companies to disclose their beneficial owners, the CTA aims to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
For the general public, this reporting requirement is a significant step forward in protecting economic and national security, and in tackling illicit finance enabled by opaque corporate structures. It helps to increase transparency and accountability in the business sector.
For investors, understanding the beneficial ownership of a company can be crucial for making informed investment decisions. It allows investors to know who they are dealing with and assess potential risks associated with a particular company. Moreover, it can help investors ensure that their investments are not inadvertently supporting illegal activities.
Please note that failure to report beneficial ownership information may result in civil and criminal penalties. Therefore, it’s important for companies to understand and comply with these new reporting requirements. If you need more detailed information, I recommend visiting the official FinCEN website or consulting with a legal professional. 😊
Who is liable to file?
The Beneficial Ownership Information Reporting requirement applies to domestic reporting companies. These are defined as:
Corporations:
These are legal entities that are separate and distinct from their owners. Corporations enjoy most of the rights and responsibilities that individuals possess.
Limited Liability Companies (LLCs):
An LLC is a type of business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Other Entities:
This refers to any other type of business entity that is created by filing a document with a secretary of state or similar office. This could include partnerships, trusts, cooperatives, and other types of business structures.
These entities are required to file reports with FinCEN that identify two categories of individuals1:
Beneficial Owners:
These are the individuals who ultimately own or control the entity. This could include shareholders in a corporation, members of an LLC, or partners in a partnership.
Company Applicants:
These are the individuals who formed the entity. This could include the incorporators of a corporation, the organizers of an LLC, or the partners in a partnership.
It’s important to note that not all entities are required to report. Some entities may qualify for an exemption.
When to file?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
If your company was created or registered in 2024, you have 90 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
If your company was created or registered on or after January 1, 2025, you have 30 calendar days to file after receiving actual or public notice that your company’s creation or registration is effective.
Where to file?
You can file electronically through a secure filing system available via FinCEN’s BOI E-Filing website (https://boiefiling.fincen.gov).
How to file?
You can file your company’s beneficial ownership information electronically through FinCEN’s BOI E-Filing website. You will need to provide basic contact information about yourself, including your name and email address or phone number.
What if we don’t file?
If a company fails to report beneficial ownership information as required, it may face both civil and criminal penalties:
Civil Penalties: A person who willfully violates the Beneficial Ownership Information (BOI) reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues.
Criminal Penalties: In addition to civil penalties, that person may also be subject to criminal penalties, including a fine of up to $10,000, imprisonment for not more than 2 years, or both.
Last date for filing?
If your company was created or registered to do business before January 1, 2024, you have until January 1, 2025, to file your initial BOI report.
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Bedford, TX 76021
