The Corporate Transparency Act (CTA) is a U.S. federal law enacted to combat money laundering and illicit financial activities. It requires companies to disclose beneficial ownership information, including details about individuals who own or control the business, enhancing transparency and helping law enforcement trace and prevent financial crimes.
Beginning on January 1, 2024, the Financial Crimes Enforcement Network, FinCEN, will require businesses in all sectors to file beneficial ownership information, or BOI reports. Businesses established prior to 2024 must file BOI reports by January 1, 2025. Businesses formed in 2024 must file BOI reports within 90 days of its formation date.
FileForms understands the BOI report filing process and offers filing services to businesses in need.
Businesses utilize our platform to determine whether they are a reporting entity required to file a BOI report based on the new laws of the Corporate Transparency Act.
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Effective January 1, 2024, all US and foreign companies that were formed in, or have registered with any of the 50 US states, must comply with new Beneficial Ownership Information (BOI) reporting requirements with the Financial Crimes Enforcement Network (FinCEN), as prescribed by the Corporate Transparency Act (CTA).
BOI reports include information about the reporting company, the reporting company’s beneficial owners, and “company applicants” who assisted with the filings to create the entity.
Businesses filing a BOI report need to include the following information in their initial filing:
Similarly, a business’s beneficial owners and company applicants must include their full legal names, dates of birth, and current residential address alongside an identifying number, such as a:
Beneficial owners and company applicants will need to include pictures of their chosen document in the report.
Work with FileForms to file Your BOI Report. If you need help filing a BOI report or have questions about how the CTA may impact your business, contact FileForms.
FileForms helps you avoid penalties due to late filings/missing filing deadlines, potential penalties include:
Up to $500 for each day that the violation continues or has not been remedied;
May be fined up to $10,000, and/or imprisoned for up to 2 years.
FileForms is the nation’s most-admired partner for CTA and BOI compliance. We serve businesses of all shapes and sizes, from small shops to large businesses, as well as their advisors. Fileforms is dedicated to being efficient, aggregating data and storing it securely, enabling regulation, and generating revenue for our clients.