BOI E-Filing

⚠️ NOTICE: Failure to file Beneficial Ownership Information Report before the federal deadline may result in penalties of up to $591/day. 

Beneficial Ownership Information Reporting

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The Corporate Transparency Act: What Business Owners Need to Know About Beneficial Ownership Reporting

As a business owner, it’s crucial to stay informed about the new regulations under the Corporate Transparency Act (CTA). The Act’s Beneficial Ownership Information Reporting Rule (BOIR) introduces new compliance requirements for most U.S. businesses. But what exactly is beneficial ownership reporting, and how does it affect your company? Let’s break it down.

What is Beneficial Ownership Information Reporting?

Beneficial ownership reporting is a legal requirement for most business entities to disclose information about the individuals who own or control the company. The CTA aims to prevent financial crimes such as money laundering, corruption, and tax fraud by increasing transparency in business ownership structures. Companies must report this information to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Who Must File a BOIR?

Corporations and LLCs are generally required to submit a BOIR, except for certain exempt entities. Reporting companies must provide details on beneficial owners, defined as individuals who either:

  • Own or control at least 25% of the company’s ownership interests, or
  • Exercise substantial control over the business.

What’s the Deadline?

Existing businesses formed before January 1, 2024, have until January 1, 2025, to file. New businesses formed after January 1, 2024, must file within 90 days of receiving formation confirmation. Staying ahead of these deadlines is crucial, as failure to comply can lead to significant penalties, including fines and imprisonment.

How to Stay Compliant

At BOIR Reporting Service, we simplify the filing process, ensuring your report is accurate and submitted on time. With our service, you’ll receive filing reminders and confirmation once the report has been successfully filed with FinCEN, so you can focus on growing your business without worrying about compliance.