Starting January 1st, 2024, if you own more than 25% of a company or have substantial control over it, you'll need to report this to our friendly federal government. This is their latest attempt to tackle fun activities like money laundering and terrorism, but it means most smaller businesses will be subject to these new rules. So, unless your business is a publicly-held company or certain nonprofit, buckle up.
Now, I know what you're thinking: "What exactly do they want to know?" Well, apart from your deepest, darkest secrets (just kidding), they're interested in the legal name of your company, trade names, tax ID number, state of formation, business addresses, and details of beneficial owners. Oh, and don't forget your beneficial owner's favorite color... Kidding again! They'll need the legal name, date of birth, home address, photo ID information, and ID number.
Are you an existing entity as of January 1st, 2024? Great! You've got until January 1st, 2025, to get your paperwork in order. Formed in 2024? You've got 90 days to comply. And if you're a brand new entity after 2024, you'll need to report within 30 days.
I can hear your sighs from here, but don't worry, at PYOP Accounting, we're here to help you navigate these changes with ease. We're all about helping you create a clear path to profitability, supporting a healthy retail and event-driven studio, and baking smooth financial systems into the DNA of your business. Because after all, life is too short for low returns on big energy.
So, stick with us, and let's turn these new reporting requirements into a comedy of bureaucracy together! For more insights, check out our full article. Trust me, it's more fun than it sounds.
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Donna Bordeaux, CPA with PYOPAccounting.com
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.
