Avoid Penalties for Violating BOI Reporting Requirements

As part of our commitment to keeping you informed about critical developments in the legal landscape, we want to highlight an important upcoming requirement that affects your business entity: Beneficial Ownership Information (BOI) reporting.

What is BOI Reporting?

Under the Corporate Transparency Act (CTA), virtually EVERY business entity will soon be required to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This initiative aims to increase transparency and help combat financial crimes. There are very steep financial penalties for not complying.

Key Points to Consider:

• Who Needs to Report? Most domestic and foreign entities registered to do business in the U.S. will need to comply, though certain limited exemptions apply.
• What Information is Required? Companies must report the names, dates of birth, addresses, and identification numbers of their beneficial owners.
• Reporting Deadlines: If your entity was first filed before January 1, 2024, the deadline to file the initial BOI report is January 1, 2025. Further, companies must file updated or corrected BOI reports within 30 days of any changes to their company information or beneficial owners.

How We Can Help

We understand that navigating these requirements can be complex and time-consuming. That’s why we’re here to assist you. In the coming weeks, if you have an entity that you established with us, you will receive an email from us detailing our services to help you manage your BOI reporting obligations efficiently.

Our team of experienced professionals is ready to guide you through the reporting process, ensuring compliance while allowing you to focus on your business operations.

If you have any immediate questions or concerns, please don’t hesitate to reach out to us. We’re here to support you every step of the way.

Thank you for your continued trust in our services.