Submitting Your Beneficial Ownership Information Report
The end is near! End of the year, that is. If you've been putting it off, the time has come to submit a Beneficial Ownership Information Report (BOIR). U.S. businesses started before January 1, 2024 must comply with the Corporate Transparency Act (CTA) by submitting a BOIR before January 1, 2025. The report provides details about the business owner(s) to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
Who Needs to File?
Most corporations, LLCs, and similar entities must file a BOIR, unless exempt (e.g., publicly traded companies, banks). If you started your company after January 1 this year, you've likely already filed your BOIR. Everyone else was given until the end of the year to get it done.
What Information is Required?
The BOIR must include the following information for each beneficial owner:
Legal name
Contact address
Government-issued ID number (and a copy of the ID)
Date of birth
How to Submit
File the BOIR via FinCEN’s secure online platform by December 31, 2024. The platform gives you two options - complete and submit a PDF of the report, which allows you to save your work and submit later, or fill in the form online and submit immediately. You'll need to upload a copy of your ID either way.
Penalties
Non-compliance can result in fines and imprisonment.
Need Assistance?
As your virtual assistant, I can help you gather the necessary information, guide you through the submission process, and ensure all details are accurately reported. Don’t hesitate to reach out for support to make this process seamless and stress-free.
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