beneficial ownership / fINcen filing requirements

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 Every LLC, corporation, or other entity that was created by filing a document with a secretary of state or equivalent office must file a BOI report unless it qualifies for one of the CTA's exemptions.   You can file this report on-line by simply going to:  https://boiefiling.fincen.gov/boir/html.  

You’ll need a pdf copy of your ID (Drivers Lic or Passport) to upload to the form electronically.  The process if relatively simple and should take you just a few minutes.

Going forward, you will only need to file this form annually if there is a change in the ownership of your entity, like new shareholders, members or partners.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.  For more information go to:  https://www.fincen.gov/boi-faqs

Confused about when to take your 

Required Minimum Distribution and how much

Do Not Fear, here's a summary for reference:

When to take your RMD –  The age for withdrawing from retirement accounts was increased in 2020 to 72 from 70.5. The SECURE 2.0 Act, though, raised the age for RMDs to 73 for those who turned 72 in 2023. Therefore, your first RMD must be taken by April 1 of the year after which you turn 73. After that, your RMDs must be taken by December 31 of each year. Failure to do so means a penalty of 50% of the required RMD. Retirees may without penalty withdraw more than the RMD. 

What is the Minimum you must take in 2024? –  The RMD table for 2024, is based on the Uniform Lifetime Table of the IRS, which is the most widely used table.  Basically, for those turning 72 in 2024, your period of years is 27.4; 26.5 for those turning 73.  The calculation is

The total previous year end value of all IRA, 401k, 403b, etc. accounts

divided by

period of years per the Unified Lifetime Table

Go to https://www.irs.gov/pub/irs-pdf/p590b.pdf, Table 3 on page 65, for the more detailed information.   Please note that the IRS has other tables for account holders and beneficiaries of retirement funds whose spouses are much younger. Note that as of the 2023 tax year, you must be age 73 for the RMD rule to take place.