Dear Client's,

I hope this message finds you well. We are writing to inform you about the new Beneficial Ownership Information (BOI) reporting requirements that take effect on January 1, 2024, under the Corporate Transparency Act. These requirements are designed to enhance transparency and combat illicit activities by ensuring that information about the individuals who ultimately own or control certain entities is reported to the Financial Crimes Enforcement Network (FinCEN).

Who Must File:

• Both domestic and foreign companies created or registered to do business in the U.S. by filing a document with the Secretary of State (or similar office) are required to file reports.
• This includes corporations, LLCs, and other entities formed through the Secretary of State.
• Sole proprietorships, trusts, and general partnerships generally do not have a filing requirement unless they are registered with the Secretary of State.

Exemptions:

• Certain entities, such as tax-exempt organizations, banks, credit unions, and large operating companies, are exempt from these reporting requirements. A large operating company is defined as an entity with more than 20 full-time U.S. employees, an operating presence at a physical office within the U.S., and more than $5,000,000 in U.S.-sourced gross receipts.

What Information Must be Provided:

• The report must include the full legal name, date of birth, street address, and unique ID number (from a non-expired U.S. passport, state driver’s license, or other government-issued ID card) of each beneficial owner.

Deadlines:

• Existing companies must file their initial reports by January 1, 2025.
• Newly created or registered companies in 2024 have 90 calendar days to file after receiving notice of their creation or registration.
• Starting in 2025, newly created or registered companies will have 30 days to file.

We encourage you to review these requirements and ensure compliance to avoid any potential penalties. If you have any questions or need assistance with the filing process, please do not hesitate to contact us.

Thank you for your attention to this important matter.

Best regards,

Caleb Odeyemi

CEO

QPS Tax Services LLC

https://www.qpstax.com/

Support@qpstax.com || 954-440-9902

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