Better Together
Rhino Consulting was once a small start up so we are keenly aware of what it takes to start, nurture, and grow your business. Creating a successful business on your own is a challenge. We believe it's more effective to share resources and work smarter, not harder. We know we're Better Together.
Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them in order to make money laundering more difficult. The government began accepting report filings on January 1, 2024. Have you filed yours yet?
Depending on when you formed your business you may have until January 2025 to file the Beneficial Owner Information Report (BOIR), or YOU MAY ALREADY BE OUT OF COMPLIANCE. Being out of compliance can mean civil and criminal penalties, including jail time. Most business are required to file the BOIR.
There are 23 exemptions to the filing requirement, and unless you meet one of them, your business is considered a "Reporting Company" which must file the BOIR by the deadline or risk being penalized. Be sure to fully understand exemption #23 before you determine your entity is "inactive". Deadlines vary depending on your business incorporation status. While you may not need to file annually, changes to existing business structure may necessitate an additional filing with FinCEN.
