12/29/2024
For those of you that have an LLC or Scorp or Corp registered with a State, you may have heard about BOI (Beneficial Ownership information) Reporting that was originally to be filed by 1/1/2025 if the business was in existence starting 1/1/2024. They were saying there could be fines up to $500 a day if you didn't file. See BOI website: https://www.fincen.gov/boi for more information.
There have been several court battles related this this requirement. You can voluntarily file at any time and it is supposed to be quite easy to do at the above website. Many people are holding out as we aren't sure how our information may be shared and don't want to do something that we aren't required to do. This last week saw many changes from filing by 1/13/25 to now being put on hold indefinitely until the recent Texas Supreme Court case is heard ,possibly sometime in March 2025. Which is where we are at now.
We will keep updates out here on our FB page as this progresses. If you are a client and want to file but not wanting to do it on your own, please reach out to our office at 928-337-1339 or via our portal or via email [email protected]. We will do this for a fee. Or you can wait until a final decision is made.
Hope you all have a Great New Year and we are sending information out to our existing clients about the start of 2025 tax season & information that will help you get your return started.
IRS hasn't said when it will open efile but last couple of years it has been between 1/23 - 29th. Many returns may not be processed by the IRS until mid- February if you have Earned Income or Child Tax Credits or similar.
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