The clock is ticking for businesses across the United States to comply with the new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). With a deadline of January 1, 2025, businesses that fail to comply could face severe penalties, including fines of $591 per day, up to $10,000 per business, as well as potential criminal and civil repercussions. Don’t let your business be caught off guard—now is the perfect time to act!
Why File Your BOI Report Now?
As the fall tax deadlines approach, businesses are already preparing their documents and communicating with their accountants. This is the ideal time to handle your BOI reporting while your business information is already at your fingertips.
Some accounting firms are stepping up to assist their clients with BOI reporting. However, many accountants may feel that this task falls outside their responsibilities as tax professionals. If your accountant isn’t taking the lead, it’s up to you to ensure your business is compliant.
What You Need to Know About Filing Your BOI Report
To file a BOI report, you’ll need to have several pieces of information readily available, including:
You’ll also need to submit this information to the Financial Crimes Enforcement Network (FinCEN).
Moreover, every beneficial owner—defined as an individual who owns 25% or more of the business or has “substantial control” over it—must provide an image of a government-issued ID. This step can take time, especially if your business has multiple beneficial owners or a complex ownership structure. On average, BOI reporting can take up to two hours per entity.
Avoid Penalties by Getting Organized Now
With less than 125 days remaining until the year-end deadline, it’s crucial for both business owners and tax professionals to get organized. Preparing for both your IRS tax filings and BOI reporting with FinCEN at the same time will save you time and effort—and help you avoid costly penalties.
How FileForms Can Help
Don’t wait until the last minute to comply with these new requirements. FileForms offers a fast and efficient way to complete your BOI report in less than 10 minutes. Our industry-leading technology is directly integrated with FinCEN, ensuring a smooth and secure filing process.
Our platform is designed to support businesses and firms of all shapes and sizes. Learn more about how FileForms can make your BOI reporting simple and stress-free.
Ready to Get Started?
Visit our website FileForms today to find out how we can help your business, create your free account to get started, or firm meet the BOI reporting requirements and stay compliant with the Corporate Transparency Act!
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