**Updated 12/26/24**
While a lawsuit suspended the filing – as of 12/23/24 most companies are now again REQUIRED to file! The deadline for most companies has been extended until 1/13/25. Please click here to file today
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**Updated 12/26/24**(Original post)
Starting January 1, 2024, the Corporate Transparency Act requires most U.S.-based LLCs, including independently owned cellular phone stores, to report Beneficial Ownership Information (BOI.) This means that any small business structured as an LLC or corporation must disclose who owns and controls the company, including each beneficial owner’s name, address, date of birth, and identification number. Companies with more than 20 employees, over $5 million in revenue, and a U.S. physical office may be exempt. Failure to comply could result in penalties, so it’s important for cellular retailers to be aware of this requirement and file on time if needed.
Filing is fairly easy (it took us about 10 minutes.)
You can file on-line, and get more information at boiefiling.fincen.gov – or, if you would like professional assistance in filing, contact our CPA partner Magone CPAs
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