EFS Group, PLLC

06/19/2024

Hello all! I sent this email to our clients last week but wanted to share it here to keep everyone compliant.

It's regarding the new BOI reports that the government wants everyone to file.

If you've already taken care of this let me know in the comments.

"Hello!

As a valued client of EFS Group, I would like to inform you of a new reporting obligation that may impact your business.

You most likely have heard about this but as of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, is requiring most legal entities, domestic or foreign, to report their Beneficial Ownership Information (BOI).

Here is how this new filing requirement can impact a business:

· Existing LLCs, Corporations, and business entities that were created BEFORE January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report by January 1, 2025.

· LLCs, Corporations, and business entities created ON OR AFTER January 1, 2024, and before January 1, 2025, must file a Beneficial Ownership Information (BOI) report within 90 calendar days of their registration or formation with the Secretary of State's office.

· Next year, reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.

Failure to submit this report may lead to fines of up to $500 per day for ongoing violations in addition to, criminal consequences which may include imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity neglecting to file a mandated BOI report may be held responsible for such lapses.

If you are interested in EFS Group helping you file the BOI report for all of your LLCs and other entities or have questions, let me know by responding to this email and we can help you out."

06/02/2023

Turn your junk into cash in a weekend

It’s spring and I can’t think of a better time to clean out the drawers, closets and disaster areas that your family members are always complaining about. You need to

06/01/2023

This company made billions by surprise-billing helpless ER patients. Then justice arrived

Medical staffing firm Envision built a business on surprising ER patients with out-of-network doctors they couldn't avoid. Then Congress outlawed its business model — sending it into bankruptcy.

05/31/2023

The Keys to Top-Quality Customer Service, According to 24 Business Leaders in the Know

They share their advice on how to hire the best CX talent, train your team to walk in your customers' shoes, and offer support that goes above and beyond expectations.

05/30/2023

Tyler Perry Battles for $3 Billion BET Business With Shaq and Other Black Stars

Tyler Perry is one of Black Entertainment Television’s most prolific creators — and just one name in a constellation of stars circling the storied cable channel.

05/29/2023

Luxury stocks are getting routed, and it shows that big brands can't always be dependent on the ultra-rich

Luxury brands are becoming more reliant on aspirational shoppers, and these middle and lower-income consumers are under financial pressure.

05/28/2023

Mark Cuban Praises Gen Z As 'Greatest Generation,' But Business Leaders Beg To Differ

Billionaire entrepreneur and investor Mark Cuban has no filter when it comes to his opinions about different generations. In a recent episode of the “Re: Thinking with Adam Grant” podcast, Cuban praised Gen Z for their focus on mental health and work-life balance. According to Cuban, this younge...

05/27/2023

New gym owner strives to make business a success

Cody Melvin is new to business, but he’s used to adapting to different situations. He studied criminal justice and experimental psychology in college but decided to become a middle school

05/26/2023

Netflix begins password sharing crackdown in the US

Netflix has finally revealed that it’s cracking down on users who share passwords in the United States.

05/25/2023

How Strategic Partnerships Can Better Help Your Business Diversify Its Revenue

https://www.forbes.com/sites/katevitasek/2023/05/24/how-strategic-partnerships-can-better-help-your-business-diversify-its-revenue/?sh=368c47cb238
6

Is yours a business desperate to diversify its revenue? The solution to your problem might very well be partnership-building.