Beneficial Ownership Information Report to be filed with FinCEN - who must file this report?

10 replies
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Does it apply to any Sch C clients? Or just 1065 or 1120 clients? Deadline is January 1, 2025.

ProSeries Professional

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IRonMaNAnswer

Level 15

"So other than 1120-C, why is this being asked?"

It is to aid the federal government in tracking down criminals. If you have no criminal clients they don't have to file ..................... just kidding. Everybody meeting the criteria needs to file or risk the potential of some substantial penalties if they "willfully" neglect to file.

Slava Ukraini!

IRonMaN

Level 15

If the schedule C is a single member LLC, they need to file.

Slava Ukraini!

G

GretaAuthor

Level 7

Are you contacting all clients to tell them to send this report?

What about Sch E -- owners are often LLCs for liability protection.

The owners of 1065, 1020-S, Sch C, E are already visible, as per K-1s. So other than 1120-C, why is this being asked?

J

judys3

Level 6

Only if they are an LLC, single member

Just-Lisa-Now-

Intuit Community Champion

Anyone that had to register with their secretary of state when they formed their business entity, I believe some states DO require this of sole props, at least thats what they told me in the CEs I took last year.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

IRonMaNAnswer

Level 15

"So other than 1120-C, why is this being asked?"

It is to aid the federal government in tracking down criminals. If you have no criminal clients they don't have to file ..................... just kidding. Everybody meeting the criteria needs to file or risk the potential of some substantial penalties if they "willfully" neglect to file.

Slava Ukraini!