Do Not Go To Jail…
File Your BOI Report On Time!

Filing incorrectly or missing the deadline can lead to severe consequences, including imprisonment of up to two years, criminal fines of up to $10,000, and civil penalties of up to $591 per day. Don’t risk your business’s future — ensure compliance with professional help.

Instead of spending valuable time navigating the complexities of the Corporate Transparency Act, let us handle your BOIR so you can focus on running your business.

You can rest easy knowing that your report will be filed on time and in full compliance with federal regulations, protecting your business from penalties and legal issues.

Complying with federal reporting requirements doesn’t have to be complicated. We make it simple and efficient for your business to meet the federal deadline and avoid penalties.

Step 1: Tell Us About Your Beneficial Owners
Answer a few straightforward questions about the individuals who own or control your business, so we can create a personalized and accurate report for you.

Step 2: We Create and File the Report for You
Our team will prepare and submit a customized report that meets all federal requirements and ensures full compliance with the FinCEN regulations.

Step 3: Receive Confirmation of Your Filed Report
Once we file your report with FinCEN, you’ll receive confirmation, giving you peace of mind that your business is fully compliant.

The Corporate Transparency Act (CTA), effective January 1, 2024, is a federal law designed to increase transparency in company ownership structures and curb illicit financial activities.

By requiring businesses to disclose their beneficial owners, the CTA helps the government combat financial crimes such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and various types of fraud that harm employees, customers, and other businesses.

Under this act, the Beneficial Ownership Information Reporting Rule mandates that reporting companies submit details about each beneficial owner to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).

This reporting requirement is part of a broader effort to prevent corporations from concealing ownership and benefitting from unlawful activities. To support this initiative, FinCEN has developed a secure database to store and manage beneficial ownership information.

Failure to comply with the CTA can result in severe criminal and civil penalties, including fines and imprisonment, highlighting the importance of timely and accurate reporting.

A beneficial owner is any individual who:

1. Directly or indirectly owns or controls at least 25% of the company’s ownership interests, or
2. Exercises significant control over the business.

Examples of beneficial owners often include:

• Key decision-makers within the company
• Senior officers, such as the president, CEO, CFO, COO, or general counsel
• Any individual(s) who have the authority to appoint or remove a senior officer or a majority of the board of directors

Understanding who qualifies as a beneficial owner is crucial to ensuring compliance with the CTA and avoiding the heavy penalties associated with non-compliance.

Every business must file a BOIR, which details individuals who control or own the company. Failing to comply with the filing rules and deadlines can result in severe consequences for the business and its beneficial owners.

Criminal Penalties:
Beneficial owners who willfully neglect to meet the reporting requirements can face up to two years of imprisonment and/or fines up to $10,000 for noncompliance.

Civil Penalties:
In addition to criminal penalties, a civil fine of up to $591 per day for each day the report is overdue or incomplete is imposed.

• Existing Businesses (Formed before January 1, 2024):
  Companies registered or created before January 1, 2024, have until January 1, 2025, to file their BOIR.
• New Businesses (Formed in 2024 and Beyond):
  Companies created in 2024 or later must submit their reports within 90 calendar days of their formation or registration.

Even if a report is filed on time, penalties can still be imposed if the information provided needs to be corrected or completed. It’s crucial for reporting companies to ensure their filings are accurate and contain all the necessary details about the company, its formation, and its beneficial owners.

The BOIR requires detailed information about the reporting company and its beneficial owners. Here’s what’s included:

Information About the Reporting Company:

• Full legal name of the company
• Any trade names or “Doing Business As” (DBA) names
• Physical address of the company
• Federal Tax ID number (EIN)
• The jurisdiction where the company was created or registered

Information About Beneficial Owners:

• Full legal name of each beneficial owner
• Date of birth
• Current residential address
• Identification documents (such as a passport or driver’s license) including a scanned image, issuing jurisdiction, and document ID number

Additional Information for New Companies (Created After January 1, 2024):
For businesses formed on or after January 1, 2024, the BOIR must also include details about the company’s applicant — the individual who filed the entity’s formation documents. Even if this person is not a beneficial owner, they must submit the same information as beneficial owners, including their name, address, birth date, and ID documentation.

While most small business entities, including LLCs, are required to file, some exemptions exist. Entities that do not need to file a BOIR include:

• Publicly traded companies
• Tax-exempt nonprofit organizations
• Certain large operating companies (those meeting specific criteria)
• Other exempt entities outlined by FinCEN

23 types of entities are exempt from this reporting requirement, and certain individuals cannot be listed as beneficial owners. These exemptions are designed for businesses and organizations already subject to other forms of oversight and regulation. A good example is an accounting firm under the supervision of the IRS or AIPCA.

Complying with the BOIR requirements is crucial for non-exempt LLCs to avoid penalties, and we can help streamline the process.