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Galen M Dise LLC has been providing accounting services for clients since 1975. This website offers a extensive overview of our services and in the depth of our expertise.

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Tax Changes

2024 – New Filing Requirements for S Corps and LLCs

Beginning January 1, 2024, many companies that do business in the U.S. must report “beneficial ownership information” (BOI) to the Financial Crimes Enforcement Network (FinCEN). BOI consists of identifying information about individuals who own or exercise substantial control over the business entity, either directly or indirectly.

To meet this new reporting obligation, companies must complete and submit a new electronic form available on the FinCEN website (link below). Entities that must file the reporting form include many domestic and foreign corporations, LLCs and companies created by filing documents with a secretary of state or similar officer. However, 23 types of entities are exempt from the BOI reporting requirement, including many banks, credit unions and insurance companies.

A reporting company founded or registered before January 1, 2024 will have until January 1, 2025 to file its initial BOI report. Reporting companies established on or after January 1, 2024 must file within 30 days after the company’s creation or registration becomes official. Failure to file a BOI reporting form in a timely manner, or to update it when ownership information changes, may trigger significant civil or criminal penalties.

FinCEN website: https://www.fincen.gov/boi