Effective January 1, 2024

File Your Beneficial Ownership Information Report On Time

Under the new Corporate Transparency Act (CTA), your business may be required to submit a Beneficial Owner Information Report (BOIR). This process in fast and simple. Accurate and timely submission is essential to avoid penalties. Penalties may include civil penalties of up to $500 per day and criminal penalties, including imprisonment and fines of up to $10,000.

Bernath + Rosenberg is dedicated to keeping you compliant with changing regulations and laws.

File Your BOI

$175 per BOI 

(Bulk Discount Pricing Available For 20 Or More Entity Filings. If bulk filing, please send us an email: boi@bernathandrosenberg.com)

What is beneficial ownership information reporting?

A Beneficial Ownership Information Report (BOIR) lists the real owners and decision makers behind reporting companies. Starting January 1, 2024 many companies have to report this information to FinCEN. This crucial step aims to enhance transparency, making it harder for bad actors to exploit U.S. corporations and LLCs for illicit activities. By identifying the real owners of U.S. businesses, the law aims to prevent money laundering, fraud, and terrorism financing.

Deadline to File

Entities created or registered in 2024 have 90 calendar days from registration to file.

Entities created or registered PRIOR to 2024 have until January, 1 2025 to file a BOI.

Please be note that although the constitutionality of the CTA is currently being challenged, we advise adopting a prudent approach due to the unpredictable nature of legal outcomes.

File Your BOI

Do I need to file?

Any business that is registered with a secretary of state is generally included. This includes but is not limited to: Corporations, Single Member LLCs, Multi-Member LLCs, Limited Partnerships, and S-Corporations.

See our FAQ Below for Exemptions. The most commonly applicable exemptions are non-profits, trusts, and large companies with 20 or more employees AND $5 million in gross reciepts

FAQ's

What is a BOIR? A federal report for FinCEN detailing company ownership to prevent illicit use of businesses.

Civil penalties including daily fines of up to $500, and criminal penalties of up to 2 years in prison and a $10,000 fine.

There can be up to two individuals who qualify as company applicants – (1) The individual who directly files the document that creates, or first registers, the reporting company; and (2) the individual that is primarily responsible for directing or controlling the filing of the relevant document.

One who exercises substantial control over the reporting company, such as a Senior Officer (President, CEO, COO, CFO, General Counsel et.) OR has Appointment or Removal Authority (of a Senior Officer) OR an Important Decision Maker who has substantial influence over decisions involving Business, Finances or Company Structure OR anyone who owns or controls at least 25% of the reporting company’s ownership interests.

FinCEN is a unique ID for individuals and entities, that replaces the need to fill out all personal information for each report.

Most U.S. business entities must file, with exceptions for specific exempt categories.

EXEMPTIONS

Securities reporting issuer

Governmental authority

Bank

Credit union

Depository institution holding company

Money services business

Broker or dealer in securities

Securities exchange or clearing agency

Other Exchange Act registered entity

Investment company or investment adviser

Venture capital fund adviser

Insurance company

State-licensed insurance producer

Commodity Exchange Act registered entity

Accounting firm

Public utility

Financial market utility

Pooled investment vehicle

Tax-exempt entity

Entity assisting a tax-exempt entity

Large operating company (20 or more full-time employees AND $5M in gross receipts)

Subsidiary of certain exempt entities

Inactive entity

Comprehensive personal and business information is necessary, from ownership details to identification documents.

Entities created or registered in 2024 have 90 calendar days to file a BOI.

Entities created or registered PRIOR to 2024 have until January, 1 2025 to file a BOI.

Beginning in 2025, newly formed entities will have only 30 days to file.

BOI report is required only once. Updates must be made within 30 days if changes occur.

Comprehensive FAQ: Go to https://www.fincen.gov/boi-faqs  

We’re Here To Help

File Your BOI with Bernath & Rosenberg. $175 Per BOI

For any questions regarding BOIR requirements or any other accounting related matters, please email us at info@bernathandrosenberg.com or call us at (212) 221-1140. We look forward to serving you.

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