⚠️Just in!

There has been a lot of back and forth in the courts regarding filing the Beneficial Ownership Report with the FinCEN. Another ruling was made yesterday.

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FinCEN posted guidance yesterday in response to the court decision, giving businesses until March 21, 2025 to file an initial, updated, and/or corrected BOI report.

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This is not a tax or accounting requirement, so Savvy Accounting Biz, LLC will not be providing advice on how to complete the report. However, if any penalties are levied, the IRS will come to collect, and then it will become my business. I hope it never gets to that because the noncompliance penalties remain: failure to comply could result in up to two years of jail time and a $10,000 fine per violation.

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It only takes a few minutes to complete and you will need each EIN, beneficial owner SSN and beneficial owner ID. If you haven't filed the report, go to https://fincen.gov/boi to file.

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To your success,

Amealia