BOI – WHY DO I HAVE TO DO THIS?
Information regarding the BOI reporting requirements and help section can be found at https://www.fincen.gov/boi.
The Corporate Transparency Act (CTA) now requires all LLCs and Corporations who are registered with the Secretary of State to report Beneficial Owners Information (“BOI”) to FinCEN (Financial Crimes Enforcement Network).
This is not a requirement of the IRS; this is a separate entity. They do not share information.
You have sole responsibility for your compliance with the CTA, including its BOI reporting requirements and the collection of relevant ownership information.
Your company may need to report information about its beneficial owners if it is:
- a corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or
- any similar office under the law of a state or Indian tribe; or a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
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. The penalties for not complying with this new act are costly.
Assisting you with your compliance with the Corporate Transparency Act (“CTA”), including BOI reporting, is not a service we provide, however we wanted to make you aware to assist you in avoiding penalties for non-compliance.
Penalties are $591.00 per day for each day it is late. Businesses that existed before 1/1/2024 have until 12/31/24 to report. Businesses created in 2024 and later have 90 days from date created to report.