Zinner & Co. recommends our clients obtain a FinCEN identifier.
The button below takes viewers to the Financial Crimes Enforcement Network (FinCEN) resources guide, which provides instructions on how individuals can obtain a FinCEN Identifier to streamline the process of submitting Beneficial Ownership Information Reports (BOIR) under the Corporate Transparency Act (CTA).
Nearly every small business in the U.S. will need to file a Beneficial Ownership Information Reports (BOIR). This even includes single-member LLCs, which some individuals may have forgotten is how they own a business or piece of real estate.
Legal entities in existence prior to 2024 have until the end of 2024 to file the BOIR, which is why Zinner & Co. is encouraging impacted businesses and individuals to be patient and plan on addressing the matter during the summer or fall, in case changes are made to the requirements.
Many small businesses may not be aware of this new requirement, much less its complicated ongoing compliance intricacies, which is why there has been strong pushback for revisions to the program.
Regardless, Zinner & Co. recommends our business clients obtain a FinCEN Identifier, because when it comes time to file the BOIRs, your FinCEN Identifier will expedite the process.
Members of the Zinner & Co. Tax Team are happy to discuss this issue in greater detail later on in the year after the government has had an opportunity to reconsider the requirement.