New Federal Requirement: BOI Report
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). Please follow this link to obtain additional information: https://www.fincen.gov/boi . Be sure to read through the FAQs (linked below) to see if you qualify for any of the exemptions to not file.
Assisting you with your compliance with the Corporate Transparency Act (“CTA”), including beneficial ownership information (“BOI”) reporting, is not currently within the scope of our engagements.
You have sole responsibility for your compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information. We shall have no liability resulting from your failure to comply with CTA. Consider consulting with legal counsel if you have questions regarding the applicability of the CTA’s reporting requirements and issues surrounding the collection of relevant ownership information.
Failure to file will result in severe fines ($500 per day up to $10,000).
If you are required to file, below is a brief step-by-step guide on how to complete the form:
