Corporate Transparency Act – Filing Deadline is December 31, 2024

If you own or have an interest in a business (corporation, partnership, LLC, etc.) then you need to file beneficial ownership information at the following website: https://www.fincen.gov/boi. For businesses established before 2024, the deadline for filing is 12/31/2024. For those established in 2024, you have a 90-day window. Businesses founded in 2025 and beyond must file within 30 days. This Act was created to prevent money laundering. The Act requires anyone who owns 25% of a business or has significant decision-making control over the business to file. If you believe this Act pertains to you, we recommend that you contact your CPA/tax preparer to have them file on your behalf. After filing, there is an ongoing requirement to update the records when there is a change in beneficial ownership, or when an owner’s name/address changes.

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Litherland, Kennedy & Associates, APC, Attorneys at Law

Litherland, Kennedy & Associates have been providing quality estate planning services in the Greater Bay Area since 1975. They are committed to helping those concerned with protecting their families from the devastating legal effects of incapacity and death. With the aid of public seminars, educational presentations, articles, and radio/television interviews, the law office has championed the use of revocable living trusts as a proven way to protect families from probate, to minimize or eliminate federal estate taxes, and to prevent the Medi-Cal Recovery lien Read More!

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