| ||||||||||
 
Dr. Ronald P. Rogers CHIROPRACTOR Support for your body's natural healing capabilities 270-384-5554 Click here for details 
  
Columbia Gas Dept. GAS LEAK or GAS SMELL Contact Numbers 24 hrs/ 365 days 270-384-2006 or 9-1-1 Call before you dig 
Visit ColumbiaMagazine's Directory of Churches Addresses, times, phone numbers and more for churches in Adair County Find Great Stuff in ColumbiaMagazine's Classified Ads Antiques, Help Wanted, Autos, Real Estate, Legal Notices, More... 
|
Tax Q&A: Does my business have to file FinCEN? By Cindy Turner As the owner of Steadfast Accounting and Tax in Columbia, we want to give business owners in Adair and surrounding counties some information regarding the reporting requirements for FinCEN. The deadline for this reporting, December 31, 2024, is fast approaching. FinCEN is the U.S. Treasury's Financial Crimes Enforcement Network which protects our financial system. They are requiring most business owners, including small businesses, to file a report with them regarding Beneficial Ownership. Here are a few answers to some of the questions you may have about FinCEN. You can also go to fincen.gov for more information. 1. What companies have to file? A "reporting company" are corporations, limited liability companies (LLCs), and any other business that registered with the secretary of state to start their business. The size of the company has no bearing on whether or not you are required to file. If you file a Schedule C, Schedule E, or Schedule F and you registered with the Kentucky Secretary of State (SOS) to start your business, and you file an annual report with the SOS, you will have to file with FinCEN. If you are not registered with the SOS but file a Schedule C, E or F and you are not a corporation or LLC, you don't have to file with FinCEN. 2. What is Beneficial Ownership information (BOI)? Beneficial Ownership information is identifying information about the individuals who directly or indirectly own or control your company. This includes name, date of birth, address, identifying numbers such as driver's license or passport, along with a photo ID. You will also need the company's legal name, and any trade names or DBA's, company address, and the company's identification number. 3. When do I have to file my BOI report? If your company existed before January 1, 2024, your report must be filed by December 31, 2024. If your company was formed in 2024, you must file your report within 90 calendar days of formation. Beginning in 2025, this changes to within 30 days of formation for new businesses. 4. Where do I file my report? You can file you report by going to FinCEN's BOI E-filing website (https://boiefiling.fincen.gov) or by using a third party provider such as an attorney, accountant, or other service provider to submit the information to FinCEN. 5. What if I don't file my report with FinCEN? As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation, currently $591. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information. This is just a brief summary of some of the questions related to FinCEN reporting. You can find more information at (https://www.fincen.gov/boi-faqs). If you would like us to file your BOI report, please contact us at our Columbia office at (270) 634-1503 or our Lebanon office at (270) 692-5555 to schedule an appointment. Unfortunately, we cannot answer any questions over the phone. This story was posted on 2024-11-22 00:39:17
Printable: this page is now automatically formatted for printing.
Have comments or corrections for this story? Use our contact form and let us know. More articles from topic Local Government:
Mayor Hoots featured in Kentucky City magazine Agenda for Nov 21 Special Called Board Meeting Personnel Committee to meet Nov 22 P&Z to consider variance for 116 Heskamp St. on Nov 18 Columbia-Adair EDA to meet Nov 19 County Offices to close for Veterans Day City Hall to be closed on Veterans Day County Clerk to be closed Saturday and Monday Participants welcome in Columbia Christmas events Public hearing on P&Z Comprehensive Plan is Nov 14 View even more articles in topic Local Government |
 
115 Jamestown St. Columbia, KY. 270-384-2496 
  
   
 Provided by the Adair Co Fiscal Court and the Adair Co. Emergency Mgt. Agency 
|
||||||||
|
| ||||||||||
|
Quick Links to Popular Features
Looking for a story or picture? Try our Photo Archive or our Stories Archive for all the information that's appeared on ColumbiaMagazine.com. | ||||||||||
|
Contact us: Columbia Magazine and columbiamagazine.com are published by Linda Waggener and Pen Waggener, PO Box 906, Columbia, KY 42728. Please use our contact page, or send questions about technical issues with this site to webmaster@columbiamagazine.com. All logos and trademarks used on this site are property of their respective owners. All comments remain the property and responsibility of their posters, all articles and photos remain the property of their creators, and all the rest is copyright 1995-Present by Columbia Magazine. Privacy policy: use of this site requires no sharing of information. Voluntarily shared information may be published and made available to the public on this site and/or stored electronically. Anonymous submissions will be subject to additional verification. Cookies are not required to use our site. However, if you have cookies enabled in your web browser, some of our advertisers may use cookies for interest-based advertising across multiple domains. For more information about third-party advertising, visit the NAI web privacy site.
| ||||||||||
