Understanding BOI Reporting

Beneficial Ownership Information (BOI) reporting is crucial for U.S. businesses to maintain compliance. Our team ensures you meet all BOI requirements efficiently and affordably. FILE NOW

What is the Beneficial Ownership Information Report (BOIR)?

The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes.

Key Points About the BOIR:

• Required by the Financial Crimes Enforcement Network (FinCEN)
• Applies to most U.S. businesses
• Deadline for filing is January 1st, 2025
• Failure to file can result in penalties of up to $500 per day

What Information is Reported?

The BOIR requires businesses to report details about their beneficial owners, including:

• Full legal name
• Date of birth
• Current residential or business address
• Unique identifying number (e.g., passport or driver’s license number)

Why is the BOIR Important?

The BOIR helps:

• Prevent money laundering and other financial crimes
• Improve corporate accountability
• Assist law enforcement in investigations

Need to file your BOIR? We can help you comply with the CTA requirements and file your BOIR accurately and on time. FILE NOW