New FinCEN requirement for Corporate Transparency Act
Laura Hinds on
Hello. Our club is an LLC and thus falls under the Corporate Transparency Act. Will this filing requirement be covered in the webinar about filing taxes coming up in February? What information will the treasurer need for this new filing, if beyond what is normally needed for filing club taxes?
The only information we have gotten was one email to the Club Cafe in mid-January mentioning it so I'm hoping it's just an additional topic in the upcoming webinar. Thanks for helping us out with tax filing, Bivio staff!
Laura
ira smilovitz on
I'm not sure what information will be presented in the webinar, but I do know that you may need more information than you need for taxes. You can learn all about the requirements at fincen.gov/boi. Look for the links for small businesses.
Hello. Our club is an LLC and thus falls under the Corporate Transparency Act. Will this filing requirement be covered in the webinar about filing taxes coming up in February? What information will the treasurer need for this new filing, if beyond what is normally needed for filing club taxes?
The only information we have gotten was one email to the Club Cafe in mid-January mentioning it so I'm hoping it's just an additional topic in the upcoming webinar. Thanks for helping us out with tax filing, Bivio staff!
I hope this helps you! I just filed the BOI for my business.
You just need the Tax ID # and address of the club or
corporation. You will need to upload a copy of your
driver's license for the person filling out the application.
It took 10 minutes and the submission was complete. you will
need to submit a copy to your accountant as proof, ( that is
what my accountant requested from us.
ira smilovitz on
Unstated in Anat's post (and perhaps unknown to her) is that if ANY of the information reported to FinCEN changes, you have 30 days to report the change. This could be ownership, control, or any of the personal information about the reported persons such as address, driver's license information, etc.
This is a minefield - one that as an Enrolled Agent (federally licensed tax professional) I am staying far away from.
I hope this helps you! I just filed the BOI for my business.
You just need the Tax ID # and address of the club or
corporation. You will need to upload a copy of your
driver's license for the person filling out the application.
It took 10 minutes and the submission was complete. you will
need to submit a copy to your accountant as proof, ( that is
what my accountant requested from us.
Laura Hinds on
I thought we were required to report this to FINCEN if our club is filed as an LLC.
Unstated in Anat's post (and perhaps unknown to her) is that if ANY of the information reported to FinCEN changes, you have 30 days to report the change. This could be ownership, control, or any of the personal information about the reported persons such as address, driver's license information, etc.
This is a minefield - one that as an Enrolled Agent (federally licensed tax professional) I am staying far away from.
I hope this helps you! I just filed the BOI for my business.
You just need the Tax ID # and address of the club or
corporation. You will need to upload a copy of your
driver's license for the person filling out the application.
It took 10 minutes and the submission was complete. you will
need to submit a copy to your accountant as proof, ( that is
what my accountant requested from us.
ira smilovitz on
If your club is an LLC you are subject to the Corporate Transparency Act requirements. Whether you have to file anything is dependent on the rules promulgated by FinCEN. You need to determine that on your own (or with legal counsel).
Unstated in Anat's post (and perhaps unknown to her) is that if ANY of the information reported to FinCEN changes, you have 30 days to report the change. This could be ownership, control, or any of the personal information about the reported persons such as address, driver's license information, etc.
This is a minefield - one that as an Enrolled Agent (federally licensed tax professional) I am staying far away from.
I hope this helps you! I just filed the BOI for my business.
You just need the Tax ID # and address of the club or
corporation. You will need to upload a copy of your
driver's license for the person filling out the application.
It took 10 minutes and the submission was complete. you will
need to submit a copy to your accountant as proof, ( that is
what my accountant requested from us.