FINCEN Beneficial Ownership Reporting January 13 Deadline is Back On So File Now!
BOI Reporting deadline of Jan 1 was struck down, then reinstated, then deadline slightly moved
As we near the end of 2024, we wanted to alert you to an important legal requirement affecting companies and other legal entities: beneficial owner reporting. While there has been hope that this requirement might be struck down permanently, recent developments have reinstated it. Fortunately, owners have been granted a 12-day extension to comply.
What Is Beneficial Owner Reporting?
Beneficial owner reporting refers to a legal obligation for companies and legal entities to disclose information about their beneficial owners to a government authority. A “beneficial owner” is an individual who:
Directly or indirectly owns or controls 25% or more of the entity, or
Exercises significant control over the entity’s operations.
What Information Needs to Be Reported?
The required details include:
For each beneficial owner: Name, date of birth, address, and an identifying number (such as a driver’s license or passport number).
For the reporting company: Name, address, and jurisdiction of formation.
Deadlines to Keep in Mind
Entities formed or registered before January 1, 2024, must file their initial reports by January 1, 2025 now Jan 13, 2025. If your entity falls under this category, ensure you prepare accordingly to meet the reporting requirements.
We understand that this can be a complex and evolving issue. To help you navigate these requirements, we’ve created an informative video that explains the details of beneficial owner reporting and what it means for your business. You can watch the video here.
Stay informed, stay compliant, and reach out if you have any questions or need assistance. The extended deadline provides a little extra breathing room, but don’t delay—this is a requirement you can’t afford to overlook.
Tennessee Servers: Renew Your ABC Card by Dec. 31 for 5-Year Validity
The validity period for Tennessee Alcoholic Beverage Commission (ABC) cards is changing, and it’s essential for servers to take note. Currently, server permits are valid for five years, but that will soon change due to new legislation.
What’s Changing?
Under the Tennessee Prevention of Drunk Driving Act, passed earlier this year, server permits issued on or after January 1, 2025, will need to be renewed every two years instead of every five years. This significant change means that many servers will need to renew their permits more frequently, increasing the administrative and financial burden.
What Should You Do?
If your current ABC card has more than two years remaining before expiration, we strongly recommend renewing your permit before December 31, 2024. By doing so, you can extend your permit by another five years under the current regulations. Any permit issued after January 1, 2025, will only be valid for two years, regardless of when your existing permit expires.
Give the Gift of Flavor: Memphis Food Festival Tickets
Looking for a last-minute holiday gift? Tickets to the Memphis Restaurant Association Food Festival on Sunday, February 2, are the perfect solution! This thoughtful, clutter-free gift supports your local restaurant business association and doesn’t require any wrapping. Treat your loved ones to a delicious and memorable experience while giving back to the community.
We’re excited to announce that registration is now open for our Annual Food Festival, happening on Sunday, February 2, 2025!
This year, we’re taking it back to the Roaring Twenties with a dazzling flapper-themed celebration. 🥂✨
Get Involved:
MORE Sponsorship Opportunities!
Food & Drink Vendor Registration
Tickets Now Available
More exciting details will be shared soon, and we’ll keep updating the station list as vendors join in on the fun. Don’t miss your chance to be part of this unforgettable experience!
🎉 Announcing the 2025 Memphis Restaurant Association Board of Directors!
We are excited to introduce the passionate individuals who will lead the Memphis Restaurant Association into 2025. Their dedication to our industry ensures a bright future for Memphis restaurants, associates, and the broader hospitality community.
Executive Officers
President: Jeff Zepatos, The Arcade Restaurant
Vice President: Alex Boggs, Huey’s
Treasurer: Terry Trim, Corky’s
Communications: Arturo Azcarate, Curry N Jerk
Restaurateurs
Maegan Smartt, Peabody
Marco Puerto, Cocina Mexicana
Matt McCrory, Gus’s Fried Chicken
Brad Allbritten, Bog & Barley
Joe Clarke, Villa Castrioti
Larry O’Connor, B.B. King’s Blues Club
Immediate Past President
Mike Miller
Associates
Jimmy Kiser, US Foods
Jim Walker, Sysco
Chris Green, Athens Distributing
Shawn Massey, TSCG
John Seay, State Systems
Melody Thomas, Moxey
Daniel Weber, Cleaner Solutions
AJ Jones, Old Dominick
Tourism Representative
Marcus Cox, Welcome to Memphis
Hotelier Representative
Wayne Tabor, MMHLA
Thank you to our board members for their commitment to serving our vibrant restaurant community. Here’s to an incredible year ahead! 🎉
Brighten Your Business and Save!
Looking to upgrade your business lighting? Check out this MLGW program offering incentives that cover up to 70% of the cost for qualifying lighting upgrades!
Improve energy efficiency, reduce costs, and create a brighter workspace for your team and customers.
