RMO World – Issue 31: May 2024 Memorial Edition

This month we remember Memorial Day and those who sacrificed everything for our country.

We are not legal or financial consultants but are passing on information, we do recommend you speak with your CPA or attorney for guidance on what you should do with your business regarding this requirement.

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

Who Has to Report? Companies required to report are called reporting companies. Reporting companies may have to obtain information from their beneficial owners and report that information to FinCEN.

Your company may need to report information about its beneficial owners if it is:

1. a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or
2. a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

Report your Beneficial Ownership Information (BOI) the BOI webpage, www.fincen.gov/boi.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.(Most of our clients had their company established before 01/01/2024, so follow this guideline unless……)

A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier.(Did you just register with the secretary of state?….Follow this guideline)

Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN. (This will not be in effect until 2025)

Businesses that do not file on time are subject to fines.

There is no yearly due date to renew, but you are required to report any change of information as soon as that change occurs, within 30 days.

Again, we are NOT giving ANY legal, financial, or business advice and there may be more information you need to know than we have provided here. Again, please consult with your CPA or attorney for guidance.

WANT TO MAKE EXTRA $$? UNIQUE JOB OPPORTUNITY FOR EXPERIENCED CONTRACTORS!

A CA bank that provides construction loans to homeowners is seeking out licensed, EXPERIENCED contractors to serve in a supervisory role,for approximately 12 months (through the course of construction) to advise the homeowner during various ground up construction projects. All construction work will be subbed out and the contractor will be in a supervisory position only. Jobs can be located anywhere in the state of CA.

Here are the eligibility requirements/details for this position:

• 2 years experience as a licensed GC
• Minimum 1 completed custom home.
• 3 trade references
• For builders <5 years of having company established – 2 years tax returns p&l + balance sheet
• >5 years of having company established – no financials required For the project the builder would produce the following documents:
• Contract
• Cost breakdown
• Materials list
• Specs

2 levels of involvement available:
10% of budget-Full service provides:

• Supervising GC produces all construction documents (Specs/Materials list/cost breakdown/construction contract)
• Supervising GC or Customer does subcontractor and finish selection to come up with a budget.
• Supervising GC manages all scheduling of subcontractors.
• Supervising GC provides job site supervision.
• Supervising GC manages payment of subcontractors and suppliers.
• Supervising GC attends all building inspections.
• Supervising GC maintains proper general liability insurance.
• If financing is involved, work with the customer’s bank to get registered with the bank.

$1000 monthly fee Hybrid GC provides:

• Supervising GC produces Construction Contract
• Supervising GC is available as a consultant to the customer (weekly phone call or email/monthly site visit)
• Supervising GC maintains general liability policy/GC license (customer to pay cost of policy cost to add job)
• If financing is involved, work with the customer’s bank to get registered with the bank. Establish a joint account with the homeowner to allow for payment of subs by customer.
• All items not mentioned would be the customers responsibility.

Payment terms are open to be discussed, but Supervising GC will be paid a flat monthly fee for overseeing the homeowner’s build.

If you are interested and meet the eligibility requirements, contact Aaron Melich for more details and for consideration:

Aaron Meilich
O: 916.798.3000 M: 916.798.3000

[email protected]

Construction is expected to begin Monday on a $12 billion high-speed passenger rail line between Southern California and Las Vegas.

Brightline West aims to lay 218 miles of new track between a terminal to be built just south of the Las Vegas Strip and another new facility in Rancho Cucamonga. That trip usually takes well over three hours by car.

The company says its fully-electric train will take just over two hours each way.

Almost the full distance is to be built in the median of Interstate 15, with a station stop in the Victorville area.

Forecasts are for 11 million one-way passengers per year, or some 30,000 per day, with fares well below airline travel costs. The trains will offer rest rooms, Wi-Fi, food and beverage sales and the option to check luggage.

Source: ABC News