FreedomFromAccounting Clients,
As of January 1, 2024, a new regulation called the Corporate Transparency Act (CTA) requires many U.S. businesses to report their "Beneficial Ownership Information" (BOI) to the Financial Crimes Enforcement Network (FinCEN). This can seem daunting, but don't worry – FreedomFromAccounting (FFA) is here to help! Go to FileForms here.
Deadlines and Penalties
Failing to file can lead to penalties of $591 per day, up to a maximum of $10,000 per entity. Additionally, civil and criminal penalties may follow for continued non-compliance.
What is BOI Reporting?
BOI reporting involves disclosing information about your company's "beneficial owners." These are individuals who ultimately own or control at least 25% of the company's voting rights or equivalent interests. Additionally, individuals who exert significant influence over the company, such as the CEO or President, may also be considered beneficial owners.
Who Needs to File?
Most corporations, LLCs, and limited partnerships will likely need to file a BOI report. However, some exceptions exist. It's best to consult with a professional to determine your specific filing requirements.
Take this quiz to find out if your business needs to file:
Seamless Compliance with FileForms
At FFA, we understand the importance of staying compliant with regulations. That's why we've partnered with FileForms, a leading provider of BOI reporting solutions. FileForms offers secure, user-friendly software and expert guidance to simplify the BOI reporting process.
Get Support and Stay Informed
For any questions regarding BOI reporting or our partnership with FileForms, don't hesitate to contact us:
We're committed to helping you navigate these new requirements and ensure your business remains compliant.
Together, we can make BOI reporting a breeze!
