Beneficial Ownership Information Reporting

Ensure Compliance with FinCEN’s Corporate Transparency Act

The Financial Crimes Enforcement Network (FinCEN) has implemented a final rule bringing into effect The Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) Report (BOIR). Compliance with this act is crucial for businesses, and understanding the requirements can be complex.

Get Started Today

Don’t leave your compliance to chance. Trust Integrated Accounting and Tax to manage your Beneficial Ownership Information E-filing. Contact us today to begin the process and ensure your business is fully compliant with The Corporate Transparency Act.

Why Choose Integrated Accounting and Tax for Your BOIR?

When you select Integrated Accounting and Tax to complete your first BOIR, you’re choosing a partner dedicated to simplifying the compliance process for you. We will guide you every step of the way, ensuring that your information is accurately submitted to FinCEN.

• Expert Guidance: Our team will help you navigate the reporting process with ease.
• Accurate Submission: We handle the submission to FinCEN, ensuring that your business meets all regulatory requirements.
• Ongoing Support: We will reach out to gather all necessary information for your BOI report and keep you informed of any updates.

Stay Compliant with Our Continuous Support

Once your initial BOI report is submitted, our commitment doesn’t stop there. Keeping your business compliant is an ongoing process. Here’s how we continue to support you:

• Update Notifications: If any changes occur to your reported information, simply inform us, and we will handle the submission of updated or corrected reports.
• Periodic Reminders: We will send periodic email reminders to ensure your information stays current and compliant with FinCEN regulations.

Who Must Report?

Entities subject to this reporting requirement are referred to as reporting companies. Reporting companies are responsible for gathering information from their beneficial owners and submitting it to FinCEN. Your company falls under this category if:

1. It is a corporation, a limited liability company (LLC), or was established within the United States by filing documents with a secretary of state or equivalent authority under state or tribal law.
2. It is a foreign company registered to conduct business in any U.S. state or Indian tribe through a similar filing.

Who Is Exempt from Reporting?

Beneficial ownership information reporting requirements do not apply to twenty-three specific types of entities, including publicly traded companies, nonprofit organizations, and certain large operating companies. To determine whether your company qualifies for an exemption, consult FinCEN’s Small Entity Compliance Guide, specifically Chapter 1.2.

How to Submit a Report?

Reporting companies must electronically submit beneficial ownership information through FinCEN’s website: www.fincen.gov/boi. The system will generate a confirmation of receipt once a report is successfully filed with FinCEN.

When Should You Report?

Reporting can commence on January 1, 2024, with varying deadlines based on your company’s registration date:

• If your company was established or registered before January 1, 2024, you have until January 1, 2025, to submit BOI.
• If your company was established or registered on or after January 1, 2024, and before January 1, 2025, you must report BOI within 90 calendar days of receiving official or public notice of your company’s creation or registration.
• If your company was created or registered on or after January 1, 2025, you must file BOI within 30 calendar days after receiving official or public notice of its creation or registration.
• Any updates or corrections to previously filed beneficial ownership information must be submitted within 30 days.

Please note that FinCEN cannot accept reports before January 1, 2024.

Where to Find More Information?

For additional guidance materials and information, please visit www.fincen.gov/boi.

This page serves an explanatory purpose and does not alter or supplement any statutory or regulatory obligations. For detailed provisions, refer to the Beneficial Ownership Information Reporting Regulations, accessible at www.fincen.gov/boi.

U.S. Department of the Treasury Financial Crimes Enforcement Network www.fincen.gov/boi

FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information

The Financial Crimes Enforcement Network (FinCEN) has recently updated its Frequently Asked Questions (FAQs) regarding Beneficial Ownership Information (BOI). These FAQs cover general inquiries, the reporting process, requirements for reporting companies, initial and updated reports, compliance and enforcement, FinCEN identifiers, and third-party service providers. Commencing January 1, 2024, many U.S. companies will be required to report information about their beneficial owners—those individuals with ultimate control or ownership of the company. FinCEN will continue to provide guidance on the submission of beneficial ownership information.

For Frequently Asked Questions, visit: www.fincen.gov/boi-faqs