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BOI Reporting!
Beginning in January 2024, non-compliance with BOI reporting could lead to penalties as high as $10,000. Our advanced software simplifies the filing process, ensuring your company is ready and adheres to the Corporate Transparency Act. Let us assist in streamlining your compliance needs!
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What is the BOI Report?
The CTA was discreetly enacted as part of the Anti-Money Laundering Act of 2020, to "enhance vital national security, intelligence, and law enforcement initiatives in combating money laundering, terrorism financing, and other illegal activities."
Beneficial Owner
BOI Reports encompass details regarding the reporting entity, its beneficial owners, and "company applicants" who contributed to the filings for the entity's establishment.
Starting January 1, 2024, every domestic and international business established in or registered across any of the 50 US states is mandated to adhere to the updated Beneficial Ownership Information (BOI) reporting guidelines set by the Financial Crimes Enforcement Network (FinCEN), by the stipulations of the Corporate Transparency Act (CTA).
Reporting Company
Beginning January 1, 2024, reporting companies are obligated to submit the Beneficial Ownership Information report.
Select CTA Compliance Now for Smooth and Stress-Free Filing Solutions
Frequently Asked Questions
Have some questions before you get started?
1. What is beneficial ownership information?
A Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
2. Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.
3. When do I need to report my company’s beneficial ownership information to FinCEN?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
4. Can CTA Compliance now help you with submitting your BOI forms
Yes.