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Ready to take the next step in your accounting career?
We are always looking to add CPAs or CPAs-in-process interested in working with a growth-oriented firm. Learn more about the opportunities at SKP, our culture, and what it would be like to be a part of our team.
BLOG
New Beneficial Ownership Information Reporting for Small Businesses
Beginning on January 1, 2024, new Beneficial Ownership Information (BOI) Reporting for small businesses in the United States may require reporting information about their beneficial owners, i.e., the individuals who ultimately own or control the company, to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
Reporting entities include:
- LLCs, single member LLCs, or corporations,
- With fewer than 20 employees, and
- Less than $5 million in gross annual revenue.
Read our blog post to learn more about beneficial owners, the information being requested, deadlines, and our recommendations.
WHAT YOU CAN EXPECT FROM US
Focused on your financial future
CPAs have long been considered by their clients as trusted advisors. This has never been truer than in current times.
Between the pandemic, inflation, supply chain issues, and labor shortages, running a business these past few years has been extremely challenging. Yet, small- and medium-sized business owners are determined and optimistic about the future.
In fact, research tells us the majority of small business owners in the US believe that the worst is behind them and see opportunities for growth. They are focusing on marketing and promotion, investing in technology, and increasing the number of employees.