New Beneficial Ownership Deadline Reminders

IRSBeneficial Business Ownership Reminder

Hey remember that whole “beneficial ownership information reporting” thing, where the U.S. Treasury’s Financial Crimes Enforcement Unit (FinCEN) now requires over 30 million small businesses in America (including Single Member LLC’s) to file a new report showing FinCEN who owns and/or “substantially controls” the business?

And then if the business owner doesn’t file this mysterious new report on time, the business owner can get unceremoniously slapped with fines of $500 per day, up to $10,000, and/or up to two years in jail?

  • Many of us flat out didn’t have time to get overly-involved with this mysterious new requirement during tax season, right? 
  • After all, this new report is NOT part of the income tax returns that we are traditionally paid to prepare for our clients.  And we didn’t want to get in trouble for “practicing law without a license” or anything else we’re not supposed to do.

Nevertheless, we all would love to see our clients NOT get hit with fines of $500 per day, up to $10,000, and/or up to two years in jail–yes?

With this goal in mind, I wanted to quickly clarify the following deadlines, so that you can make sure your clients don’t get unceremoniously slapped:

  1. Any entity formed January 1, 2024 or later has 90 days from the date of entity formation to file this report.
  2. Any entity in business before January 1, 2024 must file by January 1, 2025.

The report can be filed here on the FinCEN website –> https://fincen.gov/boi

If you’d like to view an in-depth tutorial video walking you through the entire process of filing this form, we have that video here for Pronto Tax School Members.

We’ll have much more detail about all the new Earned Income Credit changes, along with all the other new tax changes, in our tax update courses that are being updated now and will be released in “Version 1” form on July 1, 2024.

All Pronto Tax School Members will automatically receive the updated courses in your Pronto Tax School Account on July 1.

Reminders RE: “The Other Deadline” Here for You: 

If you’re already a Pronto Tax School Member, THANK YOU! Existing Members are NEVER subject to ANY membership price increase (as long as you keep your Membership active and don’t let it lapse). If you already have an active Pronto Tax School Membership, please don’t buy another one! 🙂 We are adding a bunch of new benefits to your existing membership as well! Details of these new benefits are here for your review.

If you’re a Not Yet Pronto Tax School Member, and you see value in our efforts to help make your life as a tax professional easier, more profitable, and more fun, please consider grabbing a membership before the $97 per year rate goes away forever.

June 30, 2024 will be the last day ever to get a Pronto Tax School Membership for only $97 per year.

July 1st, 2024 moving forward, our Membership Plans will start at $297 per year. You can review Membership plans by clicking here.

If you’re not sure if you have an active Pronto Tax School Membership, please click here to contact the Pronto Tax School Support Team and we will check on your membership status for you!

If you like what we’ve been doing to help our fellow tax pros for the past 13 years (since 2011), now’s the time to lock in your Membership price at $97.

And remember, whatever price you get now, that’s going to be your same price EVERY year, because we lock prices membership prices forever for all Existing Members.

If you have questions or need help, please contact our support team:

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Let's Make Sure We Direct You to the Right
Training for Your Needs!

Please click the button below for your primary tax credential.

Not sure which credential applies to your situation?  Click here to reach our support team and we'll help you decide.