Filing For BOI
May 1, 2024
What is a beneficial owner?
A beneficial owner owns 25% or more of the reporting company’s ownership interest or voting rights.
Most businesses are required to report their Beneficial Ownership information(BOI) in 2024.
Why is it important to file?
The new CTA (Corporate Transparency Act) enacted in 2021 aims to help law enforcement agencies recognize and intercept financial crime. Whoever is in ownership of the company is required to file to the FinCEN.
What happens if you don’t file?
If not filed there is a Civil penalty up tp $500 per day that it is not filed.
What to do if you aren’t sure?
If you aren’t sure if a letter you receive is legitimate, reach out to us. We can also help with filing your BOl with FinCEN if you aren’t sure what you need to do. Be careful out there!
Now that some business owners are required to file a report, scams have increased. Under the name of the “United States Business Regulation Department,” one example of this scam is copying official government documents and including a payment of $117, it is important to note that there is no “United States Business Department” and no form called 4022.
If you received these forms report them to FTC Report Fraud and The Better Business Bureau
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