Our state-of-the-art filing platform streamlines the BOI filing process, ensuring accurate and complete submissions within just ten minutes. Enabling you to allocate more time to reinvest in your business and enhance its growth.
The CTA was signed into law on January 1, 2021, with a focus on preventing financial crime and money laundering within the US. Bad actors seek to conceal their ownership of entities, to facilitate money laundering, funding of terrorist activity, tax evasion, and other financial crimes.
Reporting companies will be required to file a BOI report with FinCEN and maintain up-to-date information on their companies and their beneficial owners within 30 days of a change(s).
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).
The Beneficial Ownership Information report (“BOI”) is required to be filed by reporting companies entities starting January 1, 2024.
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.
The potential penalties for this violation can be severe, including a daily fine of up to $500 for each day the issue remains unresolved. Additionally, there’s a possibility of being fined up to $10,000 and/or facing imprisonment for up to 2 years.
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Leveraging BOI Professionals for BOI reporting has elevated our firm’s efficiency. Their solution blends seamlessly with our accounting expertise, providing top-tier Beneficial Ownership Information filing capabilities.
BOI Professionals is a standout in BOI compliance. Their user-friendly and effective software is key for seamless Beneficial Ownership Information reporting, enhancing our commitment to client-focused financial services.