As part of the Corporate Transparency Act, a new federal mandate requires that businesses file a Beneficial Ownership Information Report to avoid criminal and civil penalties. We can help you to file in a compliant and stress-free way.

What is BOI Reporting?

Starting in 2024 small businesses will be filing a beneficial ownership information (BOI) report with a branch of the U.S. Department of Treasury called the Financial Crimes Enforcement Network (FinCEN). A failure to comply can result in a company and the individuals responsible for the non-compliance being subject to hefty criminal and civil fines ($50 a day) and even possible jail time.

What is a beneficial owner?

 Any individual who, directly or indirectly, exercises substantial control over a reporting company or who owns or controls at least 25 percent of a reporting company.

Does my business have to file this report?

 If you formed a limited liability company (LLC) or corporation (S Corp or C Corp), a BOI report must be field unless your business qualifies for an exemption. Most of our clients will no qualify for this exemption; we will let you know if you do.

When do I file?

 If you currently own a business that required to file, your initial FinCEN BOI report deadline depends on your business registration date. Refer to the following due dates to determine when you should file. 

Companies registered before January 1, 2024: December 31, 2024

Companies registered in 2024: Within 90 days of registration

Companies registered in 2025: Within 30 days of registration

Additionally, businesses have 30 days to correct inaccurate reports or submit updates. This is a one-time filing, unless reporting information changes.

How do I file?

We will do this filing on your behalf. Your company’s BOI report will be filed with FinCEN. I will be submitted electronically through a filing system that will be located on FinCEN’s website. This is a federal filing; no state filing is required.

How much will you charge to file?

 IRS estimating each submission will take approximately two to five hours. We will charge a one-time fee for this work and per business. Contact us for our service pricing.

What information will I have to report to FinCEN?

 The legal name of the company and any d/b/a names (trades names) it conducts business under, its address, jurisdiction of formation, and taxpayer identification number.

You will also have to provide FinCEN with personally identifiable information for each beneficial owner. You will need to provide the individual’s legal name, birthdate, home address, an identifying number from a driver’s license, State ID, or passport, and image of the document that the number is from.

What happens if the information I reported changes or I realize it was inaccurate when the report was filed?

 If any of the information reported about the company or any of its beneficial owners changes (such as a change in name or a change in address), an updated report must be filed with FinCEN within 30 days. If there was an error in the BOI report filed for your company, a corrected report must be filed within 30 days of when you became aware of the inaccuracy. Clients are solely responsible for reporting corrections or updated information to us; we will do our best but cannot be expected to track this.