H&R Block’s Block Advisors Launches Beneficial Ownership Reporting Service to Help Small Business Owners Comply with the Corporate Transparency Act
16 Janeiro 2024 - 12:03PM
H&R Block (NYSE: HRB) today announced the launch of the
Beneficial Ownership Information Reporting service by Block
Advisors. This service was created to help the more than 32 million
business owners impacted by Beneficial Ownership Information
reporting rules recently enacted by the U.S. Treasury Department’s
Financial Crimes Enforcement Network (FinCEN).
As of Jan. 1, 2024, many business owners are
required to report detailed ownership information to FinCEN.
Limited liability companies (LLCs), corporations, limited
partnerships, foreign entities, and other organizations that
qualify as reporting companies registered to do business in any
U.S. state are subject to the new Beneficial Ownership Information
reporting rules. Qualifying companies established on or after Jan.
1, 2024 must file within 90 days of entity formation. Those formed
before 2024 have until Jan. 1, 2025 to file.
“Block Advisors provides millions of small
businesses comprehensive support with tax preparation, business
formation, bookkeeping, and payroll services all year. Our clients
are among the large number of businesses being impacted by this new
mandate,” said Jamil Khan, Chief Strategy and Small Business
Officer at H&R Block. “Block Advisors introduced its Beneficial
Ownership Information Reporting service to help small business
owners navigate this new reporting requirement, so they are
compliant and avoid costly penalties.”
Willfully failing to file a Beneficial Ownership
Information Report could lead to civil penalties of up to $500 per
day for ongoing violations with a maximum penalty of $10,000.
Individuals might also face criminal penalties, including
imprisonment for up to two years.
Block Advisors’ Beneficial Ownership Information
Reporting service was created with the client experience in mind
and even includes a quiz to make navigating compliance easier. The
quiz guides business owners through a few short questions to
confirm they are required to report. After confirming the entity is
required to report beneficial owners, the user enters business
details and selects either one-time reporting for $99 or an annual
compliance subscription for $149 per year, which includes unlimited
Beneficial Ownership Information Report filings and updates for a
single company.
“Small business owners must navigate so many
complex issues and challenges each day from staffing and payroll to
balancing their books and paying taxes. New regulations only add to
their workload. Block Advisors provides business owners with expert
help at an affordable price so they can focus on what they do best
and grow their business,” said Khan.
To learn more about Block Advisors, visit
www.BlockAdvisors.com and the Beneficial Ownership Information
Reporting service at
www.BlockAdvisors.com/beneficial-ownership-reporting.
About H&R BlockH&R Block,
Inc. (NYSE: HRB) provides help and inspires confidence in its
clients and communities everywhere through global tax
preparation services, financial products,
and small-business solutions. The company blends
digital innovation with human expertise and care as it helps people
get the best outcome at tax time and also be better with money
using its mobile banking app, Spruce. Through
Block Advisors and Wave, the
company helps small-business owners thrive with year-round
bookkeeping, payroll, advisory, and payment processing solutions.
For more information, visit H&R Block News or
follow @HRBlockNews on X.
Media Contacts:
Media Relations: |
Erika O’Shea, (816) 585-6058, erika.oshea@hrblock.com |
Investor Relations: |
Michaella Gallina, (816) 854-3022,
michaella.gallina@hrblock.comJordyn Eskijian, (816) 854-5674,
jordyn.eskijian@hrblock.com |
|
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c811a1e9-772a-4637-89bc-a16cd412bfa0
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