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Your Firm’s 180-Day Plan for BOI Reporting

May 22, 2024

Do you have a plan in place to ensure your clients’ compliance?

Over the next approximately 180 days, a crucial period ending on January 1st, 2025, businesses and their advisors across the United States must diligently comply with the Corporate Transparency Act (CTA). In fact, some businesses are already past their deadline. This new federal law, designed to prevent financial crime, requires businesses to disclose their Beneficial Owners’ information to the government. The CTA, with its inherent complexities, also mandates submitting a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). FileForms is here to help you navigate these new compliance measures, ensuring that your business and your clients stay on track — here is a plan for success and compliance across all entities you manage:

For Business Owners:

What to do in the next 90 days or sooner.

  • Determine if the businesses were formed or registered with the Secretary of State in 2024
    • If so, the BOI reporting deadline is within 90 days of the business formation date
  • Need to have their EIN tax identification number available as it is required on the BOI report
    • Businesses that do not have, or cannot attain, an EIN can use an SSN/ITIN
  • Beneficial Owners must confirm their photo ID or passport will not expire before filing
    • The BOI report requires an active, non-expired government ID number and photo
  • Identify and communicate with all individuals that are Beneficial Owners

For Business Advisors:

How to best position your firm from now until January 1, 2024.

  • Spread education over the next 90 days as BOI reporting has received little attention
    • Give your clients enough time and education to learn about the CTA, BOI reporting, and gather the necessary information they need to complete the process
  • Have clients attend webinars and ask questions
  • Send education via monthly newsletters, email campaigns, mailers, or on your website
    • Engage with clients in the many ways they consume new information and stay up to date on changes that impact their business
  • Have a solution in place to process the volumes of BOI reports
    • There will be a large amount of reports filed in a short amount of time in the last 90 days of the year

Given the nature of the BOI reporting being new, complex, and under-publicized, only 1.7 million out of 32.6 million reporting companies have filed thus far according to FinCEN. Business Advisors can help their clients by providing education in the near term to help prevent what seems to be an overwhelming amount of filing requests towards the end of the year.

FileForms can help provide all the educational resources, live events, and filing solutions needed to securely file directly with FinCEN using a state-of-the-art reporting platform. Whether you are interested in providing filing services for your clients directly or guiding them to a solution at your recommendation, we have you covered. Our team is dedicated to spreading awareness of the CTA and BOI reporting and can cater to you and your end clients to help make this new filing requirement quick and easy. Our easy-to-use technology solution is trusted by hundreds of business professionals who manage filings for large groups of businesses.

Get started today to learn more about our filing solutions to serve your firm: [Become A Partner]

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Frank Tumminello<

Frank Tumminello

CEO and Co-Founder
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