Everything takes time and nothing these days seems to be easy.  With that in mind, please be aware of the following deadlines coming up during the second half of 2024:

12/31/24: Filing the Beneficial Owner Information Report:

In 2024, a stringent new filing requirement takes effect under the Corporate Transparency Act. The act compels all qualifying small businesses, including S-Corps and LLC, to disclose certain identifying information on “beneficial owners” to the Financial Crimes Enforcement Network (FinCEN).

Penalties for noncompliance are extremely steep, so we are strongly urging all small business owners to make CTA compliance a priority. Please read through the compliance guide on your own, or plan to work with an attorney to gather the required information, complete the BOI report, and then submit to FinCEN prior to the January 1, 2025 deadline.

Learn more by reading these articles posted on our blog:

90 Days After Setting Up a New Entity:

While existing businesses set up prior to 1/1/24 don’t need to file under the new CTA rules until 1/1/25, new businesses established after 12/31/23 have a much shorter window to comply.  The revised rules give new businesses set up in 2024 only 90 days to file. Starting in 2025, new businesses only have 30 days to file. For that reason, please ensure that the lawyer who is setting up your new business will take care of this time-sensitive filing as part of the services they are providing.

Learn more by reading through this article posted on our blog:

8/30/24: Opt into $5.6B Visa and Mastercard Settlement

Good news for procrastinators and class action skeptics.  You now have until 8/30 to register your practice to receive a tiny percentage of a whopping $5.6 billion settlement related to merchant fees paid between 1/1/2004 and 1/25/2019.

Learn more by reading this article posted on our blog:

If you have any questions about meeting these deadlines, please reach out directly to the Manager and Staff Accountant assigned to your practice or email us at practicehelp@schwartzaccountants.com.