BOI for two clients that opened entities on their own during 2024. It is past 90 days

Forum|Forum|1 year ago
November 1, 2024
2 replies
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BOI for two clients that opened entities with a lawyer during 2024. It is past 90 days

Both were already clients of mine for personal returns. But, not for any other entities

They both reached out to me after the 90 day period for filing the BOI

Is there a way to get the penalties waived? are the penalties not being enforced because this is the first year. I did a search on here and I don't see anything about penalties waived.

Thanks in advance for any answers

ProSeries Professional

This topic has been closed for replies.

Jim-from-Ohio

Intuit Community Champion

Just file it ASAP.. many companies don't even know about the BOI. I have not heard a single incident of penalties at this time.. could be do to this being so new and some grace being extended. Also as I read it the penalties apply for willful neglect.

D

DTNY07Author

Level 6

Thanks for the reply

I did see the willful neglect part as well when I did a search outside this board

IRonMaN

Level 15

Yeah, just get them filed as soon as you can. I don't think they are trying to imprison anybody yet to make an example of them. But your clients may want to rethink who they use as a lawyer in the future. Why in the world didn't the lawyer take care of it up front when the lawyer was doing his part of hatching the new entities?

Slava Ukraini!

D

DTNY07Author

Level 6

Thanks for the information.

As far as the lawyer, I agree with you.

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