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News You Need to Know

IMPORTANT UPDATES

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2024 Tax Filing Season

The Internal Revenue Service today announced Monday, Jan. 29, 2024, as the official start date of the nation's 2024 tax season when the agency will begin accepting and processing 2023 tax returns.

Beneficial Ownership Reporting Requirement for LLCs & Corporations

The Financial Crimes Enforcement Network (FinCEN) issued a final rule implementing the bipartisan Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting provisions. The rule will enhance the ability of FinCEN and other agencies to protect U.S. national security and the U.S. financial system from illicit use and provide essential information to national security, intelligence, and law enforcement agencies; state, local, and Tribal officials; and financial institutions to help prevent drug traffickers, fraudsters, corrupt actors such as oligarchs, and proliferators from laundering or hiding money and other assets in the United States.

Annual Report Requirement with NC Secretary of State

Each domestic and foreign Business Corporation, Limited Liability Company, Limited Liability Partnership and Limited Liability Limited Partnership, other than professional entities formed under Chapter 55B of the N.C. General Statutes, is required to deliver an annual report to the Secretary of State. The annual report to be delivered to the NC Secretary of State contains contact information for the company and is due regardless of whether the company is actually conducting business. The information contained in the annual report must be current as of the date the annual report is executed on behalf of the company.

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