GET COMPLIENT TODAY - CLICK HERE

Introduction

The Corporate Transparency Act (CTA) has introduced new reporting requirements for millions of businesses across the United States. As of January 1, 2024, most companies are required to file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). This white paper outlines our premium white glove service to help businesses navigate and comply with these new regulations effortlessly.

Understanding the BOI Reporting Requirement

The CTA mandates that reporting companies disclose information about their beneficial owners - individuals who directly or indirectly own or control the company. This initiative aims to enhance transparency and combat illicit activities such as money laundering and tax evasion1.

Key Points:

• Reporting is mandatory for most companies created or registered to do business in the U.S.

• Reports must be filed through FinCEN's secure online portal

• Initial reports are due within specific timeframes based on the company's creation or registration date

• Ongoing updates are required when information changes
  
  

Our White Glove Service

We offer a comprehensive solution to ensure your company's full compliance with BOI reporting requirements. Our expert team handles every aspect of the process, providing peace of mind and saving you valuable time and resources.

Our Service Includes:

1. Eligibility Assessment: We thoroughly evaluate your company's structure to determine reporting obligations and potential exemptions.

2. Information Gathering: Our team collects all necessary data on the company, beneficial owners, and company applicants, ensuring accuracy and completeness.

3. Report Preparation: We meticulously prepare your BOI report, adhering to FinCEN's strict guidelines and format requirements.

4. Secure Filing: Our specialists submit your report through FinCEN's BOI E-Filing system, ensuring timely and secure transmission.

5. Ongoing Compliance: We track deadlines for updates and corrections, promptly filing when changes occur to maintain continuous compliance.

6. Record Keeping: We maintain secure records of all filings and related documentation for your reference and peace of mind.

Why Choose us?

1. Expertise: Our team stays up-to-date with the latest FinCEN guidance and regulations, ensuring accurate and compliant reporting.

2. Time Savings: We handle the entire process, allowing you to focus on running your business.

3. Risk Mitigation: Our thorough approach minimizes the risk of errors, omissions, or late filings that could result in penalties.

4. Confidentiality: We prioritize the security and privacy of your sensitive information throughout the reporting process.

5. Ongoing Support: Our service includes assistance with future updates and answering any BOI-related questions that may arise.
   
   

The Consequences of Non-Compliance

Failing to comply with BOI reporting requirements can result in severe penalties:

• Civil penalties of up to $500 per day

• Criminal penalties including fines up to $10,000 and imprisonment for up to two years

Our white glove service helps you avoid these risks by ensuring timely and accurate reporting.

Conclusion

The new BOI reporting requirements present a significant compliance challenge for many businesses. Our white glove service offers a seamless solution, handling every aspect of the process with expertise and attention to detail. By entrusting your BOI reporting to our team, you can ensure compliance, minimize risk, and focus on what matters most - growing your business.

Contact us today to learn more about how our white glove BOI reporting service can benefit your company.

Frequently Asked Questions

Q: Who is required to file BOI reports?

A: Most companies created or registered to do business in the U.S. are required to file, with some exceptions for certain types of entities.

Q: When do I need to file my company's initial BOI report?

A: The deadline depends on when your company was created or registered. Companies created or registered before January 1, 2024, have until January 1, 2025, to file. Those created or registered on or after January 1, 2024, have 90 days from the date of creation or registration.

Q: What information needs to be reported?

A: Reports must include information about the reporting company, its beneficial owners, and in some cases, its company applicants. This includes names, birthdates, addresses, and identification document information.

Q: How often do BOI reports need to be updated?

A: Companies must file updated reports within 30 days of any change in previously reported information.

Q: Is there a fee for filing BOI reports?

A: No, FinCEN does not charge a fee for filing BOI reports.

Q: Can I file BOI reports myself?

A: Yes, companies can file their own reports. However, our white glove service offers expert assistance to ensure accuracy and compliance, saving you time and reducing the risk of errors.

Q: How does your service protect my company's sensitive information?

A: We employ strict data security measures and adhere to all FinCEN guidelines for handling sensitive information. Your data is protected throughout the entire process.

Q: What if my company becomes exempt after filing an initial report?

A: If your company becomes exempt, we can assist in filing a report indicating your new exempt status.