File your Beneficial Ownership Information Report on time.

To avoid serious criminal and civil penalties, businesses that form in 2024 must file a Beneficial Ownership Information Report (BOIR) within 90 days of forming. No matter when your business formed, we can help you determine your deadline and file for you.

New in 2024 -Corporate Transparency Act — (BOI) Reporting Requirement

Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021. The CTA requires the disclosure of the beneficial ownership information (otherwise known as “BOI”) of certain entities from people who own or control a company.

It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. The intent of the BOI reporting requirement is to help US law enforcement combat money laundering, the financing of terrorism and other illicit activity.

The CTA is not a part of the tax code. Instead, it is a part of the Bank Secrecy Act, a set of federal laws that require record-keeping and report filing on certain types of financial transactions. Under the CTA, BOI reports will not be filed with the IRS, but with the Financial Crimes Enforcement Network (FinCEN), another agency of the Department of Treasury.

When must companies file?

There are different filing timeframes depending on when an entity is registered/formed or if there is a change to the beneficial owner’s information.

• New entities (created/registered in 2024) — must file within 90 days.
• New entities (created/registered after 12/31/2024) — must file within 30 days.
• Existing entities (created/registered before 1/1/24) — must file by 1/1/25.
• Reporting companies that have changes to previously reported information or discover inaccuracies in previously filed reports — must file within 30 days.

Risk of non-compliance

Penalties for willfully not complying with the BOI reporting requirement can result in criminal and civil penalties of $500 per day and up to $10,000 with up to two years of jail time.

How to complete the Beneficial Ownership Information Report in 3 easy steps

To avoid the civil and criminal penalties, reporting companies must report information about those who own or control the business by the federal deadline. We can help you easily and accurately meet those requirements on time.

• Tell us about your beneficial owners
  Answer a few simple questions about the individuals who own or control your business, so your report is personalized and accurate.

• We create and file the report for you
  We’ll prepare a personalized report that satisfies the requirements of the federal reporting mandate, and we’ll file it for you.

• Receive confirmation of your filed report
  Once we file your personalized report with the Financial Crimes Enforcement Network (FinCEN), we’ll provide confirmation.