This email was sent on July 8, 2024 to all Fox Peterson business clients.

Happy summer to you, I hope that you are doing ok and can escape the summer heat. We wanted to send out another update related to the Corporate Transparency Act and the court case that is ongoing. We sent out prior emails back in January and in March but if you missed those, I have included a link below so you can review more details.

There isn’t much that has changed since our email in March. There is currently a court case in the US District Court for the District of Alabama where that court has ruled the Corporate Transparency Act as unconstitutional. This ruling only applies to those individuals and groups involved in the case so for the vast majority, nothing has changed in our reporting requirements. New entities formed during 2024 have 90 days to comply with Beneficial Ownership Information (BOI) reporting. Entities formed prior to 2024 have until the end of the year (12/31/2024) to file their BOI reports.

We are able to file the BOI reports for you at any time, but our recommendation for now is to wait. We wouldn’t want to have you pay us to fill out these reports and then later in the year find out that you didn’t have to file them because of another ruling. We don’t know what will happen but we will seek to keep you updated throughout the year.

Part of the BOI reporting is providing a copy of each owner’s driver’s license. If your driver’s license does not have your current address, that could cause problems with the reporting so please work to update your driver’s licenses for when you file these reports.

If you want to just file it and not have to worry about doing this later, we can do that for you. Our fee to do the BOI reports is $395 per entity. We won’t be able to assist with these reports the last few weeks of December so, if we don’t receive any updates from the courts, we will want to get these done between now and the end of November. Please reach out to your tax preparer when you are ready to file and we can request additional information from you for the reporting.

Thank you for taking the time to read through this update. If you have any questions, please let us know.

Prior Communication:

Sincerely,

Fox Peterson Team