A new report you might have to file – Texas REALTORS®-2021十大正规彩票app

November 01, 2024

NOTE: On December 3, 2024, a federal court in Texas issued a nationwide temporary injunction against enforcement of the reporting requirement detailed below. Possible appeals and other legal actions may occur, making the ultimate effect of this decision uncertain at this time. Texas REALTORS® will provide updates as they are available.

Many businesses are required to file a new federal report by January 1, 2025, to provide company ownership information intended to help the U.S. Department of the Treasury fight money laundering, terrorist financing, and other corrupt financial activities. Required information incudes details about the entity and information about the entity’s beneficial owners.

Companies required to file this information include corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States. Entities not required to be filed with a secretary of state or similar office do not need to file a BOI report. Such non-filing entities include common law trusts, general partnerships, and sole proprietorships.

Note that companies formed in 2024 are required to file within 90 days after formation, and entities formed after January 1, 2025 must file within 30 days.

Penalties for failure to file or providing false or fraudulent information include fines of $500 per day up to a maximum of $10,000 and up to two years in prison.

Learn more at fincen.gov/boi, or scan the code for a more-detailed article from the March/April issue of Texas REALTOR®.

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