Beaird Harris Ranks #5 in Financial Planning Magazine’s List of Best RIAs to Work For
Beaird Harris has been ranked as #5 out of 52 firms in Financial Planning’s list of Best RIAs to Work for.
Beaird Harris
December 10, 2024
On December 3rd, a federal district court in Texas issued a nationwide preliminary injunction halting enforcement of Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). The court determined that Congress likely exceeded its authority in enacting the CTA, resulting in an unconstitutional infringement on states’ rights to regulate businesses.
What this means for your business:
Action Needed:
BOI FAQs:
If you are interested in learning more about BOI reporting, please refer to the list of BOI FAQs below.
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Corporate Transparency Act BOI Filing Summary
Under the Corporate Transparency Act (CTA), companies are required to share critical information about their beneficial owners. This reporting is done by filing a beneficial ownership information (BOI) report, which discloses specific ownership details.
What is a BOI Report?
A BOI report discloses key information about your company, including the legal name and employer identification number (EIN), as well as identifying details for beneficial owners (name, address, and government-issued identification number).
Who is Required to File?
Most domestic companies, including corporations and LLCs, are required to file a BOI report. Foreign entities registered to do business in the U.S. also have a filing requirement. However, certain exempt entities such as tax-exempt organizations, publicly traded companies, and large operating companies may not need to file.
When are BOI Reports Due?
What Happens if You Don’t File?
Penalties for willfully not complying with the BOI reporting requirement can result in criminal and civil penalties of $500/day ($10,000 max) and up to two years of jail time.
Resources to Help:
Request Filing Assistance:
As a reminder, advising on BOI is a legal matter, and we strongly encourage you to consult with your legal counsel. We recognize the complexity of this new filing requirement and are happy to help if we can. Here are options for how you can handle your filing requirements:
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Beaird Harris has been ranked as #5 out of 52 firms in Financial Planning’s list of Best RIAs to Work for.
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