The deadline for entrepreneurs to submit a beneficial ownership report (BOI) is approaching. Failure to accomplish that can cost business owners 1000’s of dollars.

The Corporate Transparency Act (CTA), passed on January 1, 2024, goals to combat illegal financial activities, including tax fraud and money laundering.

For most business owners, the deadline to file beneficial ownership or corporate transparency reports is January 1, 2025, provided the company was incorporated before January 1, 2024. The rules are different for firms incorporated in 2024 and later.

The division of terms business owners should know the following:

• Companies formed or incorporated in 2024 can have 90 calendar days to file an application after receiving actual or public notice of effective formation or registration.
• Companies established or registered before January 1, 2024 have until January 1, 2025 to submit an application.
• Companies incorporated or incorporated on or after January 1, 2025 can have 30 calendar days to file an application after receiving actual or public notice that their formation or registration is effective.

According to US Chamber of Commerce, Corporate transparency reports must include the beneficial owners’ full name, date of birth, home address, and a photocopy of their U.S. driver’s license or passport.

Small business owners should provide the company’s full legal name, the company’s business address, the state or tribal jurisdiction during which the company was incorporated or first incorporated, in addition to its taxpayer identification number and identification documents comparable to a filed articles of incorporation or organization.

Posted by @egyptsherrod

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Failure to file a beneficial ownership report could cost you 1000’s

Under the CTA, firms that fail or break the rules reporting requirements could also be subject to civil penalties of as much as $591 per day. They he also faces a criminal penalty of as much as two years in prison and a fantastic of as much as $10,000.

At least 23 entities are exemptincluding large operating firms, firms with greater than 20 full-time U.S. employees and gross sales or receipts from U.S. sources of greater than $5 million.

Small business owner? Your company may have to fulfill a brand new federal filing requirement. Learn more about beneficial ownership reporting: https://t.co/8KJSDxZ5ZY pic.twitter.com/mh6dFKcULF

— FNB Community Bank (@FNBMWC) October 8, 2024

Excluded categories include: inactive entities that were established on or before January 1, 2020, but don’t conduct any energetic business; nonprofit organizations, except those whose nonprofit status is pending with the IRS; and small businesses which are members of the National Small Business Association (NSBA). March 1, 2024that is, on the day a federal court ruled in favor of the NSBA’s constitutional challenge against the CTA.

David Steward ranks highest amongst Black people on the 2024 Forbes 400 list.

Steward ranks 84th with a net value of $11.4 billion secured took over as founder and president of the IT service provider World Wide Technology. He co-founded the company in 1990 and now owns a majority stake in the $20 billion company whose clients include Citi, Verizon and the federal government.

Steward, 73, got here from humble beginnings in the segregated South. He grew up with seven siblings and a father who worked as a mechanic, janitor and garbage collector. After graduating from Central Missouri University, he worked in sales for Missouri Pacific Railroad, Union Pacific and FedEx before co-founding World Wide Technology. Things were still tough before he found financial success, as Steward remembers watching his automobile get repossessed from the office car parking zone.

His philanthropic efforts include donating $1.3 million to the University of Missouri-St. Louis in 2018 to found the David and Thelma Steward Institute for Jazz Studies. Steward’s rags-to-riches story instilled a robust belief in the accessibility of the American dream.

“The breadth and depth of opportunity we have here, combined with a culture that allows you to be all you can, makes it possible for anyone to succeed,” Steward said, as quoted by the Horatio Alger Association. “We have a competitive advantage over other countries and it is necessary for us to keep up it. It’s great that my story is just one in every of thousands and thousands in America. I feel blessed to live in this excellent country.”

The steward is there involved with various organizations dedicated to promoting diversity, equity and inclusion for historically underrepresented communities, including the National Urban League, the Urban League of Metropolitan St. Louis, Boy Scouts of America, Boys Hope Girls Hope, BEYA, NPower, National Minority Development Provider and the Jackie Joyner-Kersee Foundation.

His family is a passionate supporter of the family of the late Wendell Scott, the first African-American driver in NASCAR and the first to win a race in the current Cup Series. Their support was instrumental in getting NASCAR to officially recognize Scott’s historic achievement, culminating in the presentation of the long-awaited trophy to Scott’s children and grandchildren in 2021 — nearly 58 years after the race and 31 years after Scott’s death.

In addition to Steward, other Black billionaires on the Forbes 400 list include Robert F. Smith, who was ranked 88th.

Several black-owned businesses selling items starting from consumer electronics to wigs are the brand new recipients of a $10,000 grant from online marketplace giant eBay.

In late September, the San Jose, California-based company selected 50 U.S. sellers will receive $10,000 for a total of $500,000 in grants. They gained training and mentorship to help strengthen and grow their businesses. Finalists will receive a $500 scholarship to equip themselves with essential business technologies and tools from eBay Refurbished.

The funding is a component of eBay’s Up & Running Grants program, now in its fifth 12 months. As a global marketplace, eBay reported receiving 18,000 entries from 28 states this 12 months. That’s a big deal because eBay said it received its largest and most diverse pool of such candidates to date.

Since 1995, eBay has been supporting small businesses. This has With 132 million lively buyers, it operates in greater than 190 markets around the globe and generated gross sales of $73 billion last 12 months.

Moreover, this 12 months’s candidates included 19% more entrepreneurs at an early stage of development than last 12 months. “Entrepreneurship is at the guts of eBay. We have all the time strived to empower small business owners and give them the tools they need to succeed,” said Dawn Block, vice chairman, general manager, eBay US.

Earlier this 12 months it was revealed that the grants could possibly be used for a number of purposes, including investment in recent equipment, inventory and marketing. The grants are intended to help Black eBay sellers and all of the corporate’s sellers.

eBay didn’t disclose the particular number of Black businesses that received the most recent grants. However, some Black entrepreneurs selling on eBay have shared how they plan to use the $10,000 grants. dollars.

Take, for instance, Walter Roberts of The Buying Spot, which sells a variety of goods in categories comparable to consumer electronics, sporting goods, clothing, footwear and accessories. He plans to use the funds to purchase recent equipment, make bulk purchases and travel to an eBay seller conference.

“It’s a great opportunity and I thank God for the opportunity to grow.”

For Rick Miller of Kris Kross Wigs, a wig entrepreneur within the health and beauty industry, the chance provided by eBay helped launch his business. “The finances will allow me to employ women in homeless shelters, train them and invest in wholesale materials that will make my wigs cheaper. My company serves a diverse clientele with products for all races, genders and ages.”

The grant will help spur development for Jonathan Copeland of Vino Club Village. His company sells a variety of categories including sports memorabilia, toys and hobbies, clothing, footwear and accessories.

“I plan to use these funds to further grow my business by investing in high-quality products and improving customer service.”

Get more details about eBay and grant recipients Here.