Written By: Press Release Posted by David Elliott
Published Date: 10-17-2024
Russell County Economic Development and Convention and Visitors Bureau would like to inform you about a new federal regulation that has been implemented.
A new federal regulation took effect on January 1 requiring certain small businesses to submit a report on ownership information by December 31. This is part of the Corporate Transparency Act Beneficial Ownership Information Reporting (BOI) aimed at reducing illegal financial activities related to money laundering, drug trafficking and other crimes.
Are you required to report? If your business is structured as a corporation, LLC, or has filed as a legal entity, you may need to comply. Here’s what you need to know about deadlines: for businesses formed on or after January 1, 2024 you have 90 days to file, for businesses formed before January 1, 2024 the deadline is January 1, 2025 and any changes to your ownership or business information must be reported within 30 days.
Caution against scams. Be wary of companies reaching out to assist with filings for high fees, as these may be scams designed to steal personal information. The IRS or FinCEN will never contact you via phone, text or email.
For more details on BOI and to check if you need to file, visit the United States Department of the Treasury Financial Crimes Enforcement Network at FinCEN.gov. You can also reach out to the Kansas Small Business Development Advisor at ksbdc@wichita.edu or 316-978-3193.
This information is provided to assist business owners in the community. Russell County Economic Development and CVB cannot offer tax advice or complete reports.
(Information courtesy Russell County Economic Development and CVB.)
