Are You Ready to File Your BOI Report?
Learn How to Easily Comply with This New Legal Requirement
The business world is full of regulations and standards to follow, and one of the newest ones, derived from the Corporate Transparency Act, is the BOI Report (Beneficial Ownership Information Report). This new regulation is a requirement from the U.S. government, designed to enhance corporate transparency and combat money laundering.
What does this mean for your business? At Jambrina CPA, we’re here to ensure you get the right guidance to file this report hassle-free, keeping you compliant with the law.
What is the BOI Report?
The BOI Report is a filing requirement by the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury. It mandates that businesses provide information about their owners and/or beneficiaries. Beneficial owners are individuals who control, own, or financially benefit from an entity, either directly or indirectly. The purpose of this regulation is to increase transparency within corporate structures, making it easier to detect and prevent financial crimes that exploit opaque entities.
This regulation is a key tool in the fight against money laundering, tax evasion, and other illicit activities. Through the BOI Report, authorities gain direct access to information on who is behind each company, ensuring that entities operate ethically, transparently, and in compliance with the law.
Who is required to file the BOI Report?
Not all businesses are subject to this new regulation, but if you have a small or medium-sized enterprise, an LLC, or a corporation, you are likely required to file the BOI Report. Even if you are a sole proprietor, you may also be included in this obligation.
Failure to comply can result in severe penalties, making it even more critical to be well-informed and prepared to submit the report on time.
Companies Required to Comply:
Corporations (S-Corp, C-Corp)
Limited Liability Companies (LLC)
Sole Proprietorships
Foreign Companies (corporations and limited liability companies) legally formed in foreign countries but registered to operate in the United States.
Why Is It So Important?
The BOI Report is not just a formality; it is a legal obligation with significant consequences for companies that fail to comply with the requirement. If you do not submit this report correctly or on time, you could face substantial fines and other penalties that could severely impact your business operations.
For example:
You may be subject to civil penalties of up to $500 for each day the violation continues.
You could also face criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.
Furthermore, complying with the BOI Report demonstrates that your company operates transparently and in accordance with regulations, which can enhance your reputation with clients, business partners, and other stakeholders.
How Can We Help You at Jambrina CPA?
We understand that complying with these new regulations can be complicated and stressful, especially if you are not familiar with the legal details. That's where Jambrina CPA comes in. Our team of experts is trained to manage all aspects of preparing and submitting the BOI Report for your company. We ensure that your report is accurate, complete, and submitted within the required deadline.
With over 20 years of experience in accounting and regulatory compliance, we understand the complexities of these types of reports. We offer a personalized service tailored to the specific needs of each client, meaning we not only help you comply with the law but also streamline the process to make it as easy as possible for you.
When Should You Submit Your BOI Report?
Reports will be accepted starting on January 1, 2024.
If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025, to report BOI.
If your company was created or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.
The deadline for submitting the BOI Report is closer than many think, and inaction could expose you to unnecessary penalties. That’s why it’s vital to prepare now. Jambrina CPA can help you identify your company's deadline and ensure you don't miss it.
Don’t Delay!
Compliance with regulations is crucial for maintaining your business's stability and reputation. Submitting the BOI Report is a responsibility you cannot ignore. The consequences of failing to do so can be costly and challenging to manage. However, you don’t have to face this alone.
At Jambrina CPA, we are here to help you comply with this new regulation seamlessly. Our team has the knowledge and experience necessary to guide you through the entire process. Contact us today and let our experts handle your BOI Report quickly and efficiently. Not only will you comply with the law, but you'll also protect your business's future.
Conclusion:
Complying with the BOI Report is essential to avoid penalties and ensure your company’s transparency. At Jambrina CPA, we are here to make the entire process easier for you. Don’t let this new regulation catch you by surprise: contact us today and ensure your business is up to date with regulations. With our help, you can protect your company and keep it compliant with all laws.