BOI Compliance

As of January 1, 2024 the Financial Crimes Enforcement Network’s (FinCen) Corporate Transparency Act (CTA) went into effect. The CTA requires many entities formed or registered in the United States to report information about their beneficial owners. Existing companies are required to submit a Beneficial Ownership Report to FinCen in 2024 before the deadline.  New companies formed in 2024 must file within 90 days of creation.

There are both civil and criminal penalties associated with noncompliance of the CTA, including potential fines of up to $10,000

In addition to your initial filing, if your company moves, or the ownership changes, or the personal information of the owners change (identification changes, name change, home address change) you will need to update your filing.

Basic guide to companies that need to file:

1. Any LLC, Partnership, or Corporation that is NOT publicly traded.
2. Any company with LESS than 21 FULL TIME employees that are on payroll, NOT (1099).

Make sure you’re compliant ASAP to avoid the massive penalties.  We will file your report for you, it just takes a couple steps.  Just enter your information and we will do the rest.