BIO FORM FILING
Beneficial Ownership Information (BOI) Filing Services
Comply with the Corporate Transparency Act (CTA) Requirements for 2024
Comply with the Corporate Transparency Act (CTA) Requirements for 2024
Starting January 1, 2024, all corporations, LLCs, and certain other entities created or registered to do business in the United States must file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). This filing requirement is part of the Corporate Transparency Act (CTA), designed to improve transparency and help combat financial crimes by revealing true business ownership.
At TheTaxBooks, we simplify BOI filing, guiding you through each step to ensure your business meets these new federal compliance standards. Our team of tax and business experts can help you identify the required information, complete the BOI report, and file it accurately with FinCEN.
The Corporate Transparency Act (CTA), part of the 2020 Anti-Money Laundering Act, mandates that U.S. businesses report beneficial ownership information to FinCEN. Beneficial owners are individuals who hold substantial control or own at least 25% of a business. By requiring businesses to disclose these owners, the CTA aims to prevent the misuse of shell companies in activities such as money laundering, tax evasion, and corporate fraud.
Businesses required to submit a BOI report include:
Exemptions: Some entities, such as large companies with 20+ U.S.-based employees and specific financial institutions, are exempt from filing under the CTA. We can help you determine whether your business qualifies for exemption.
To comply with BOI filing, your business will need to provide the following details for each beneficial owner:
The CTA’s BOI reporting requirements play a crucial role in reducing financial crime. Transparency in business ownership protects consumers, employees, and investors, while also supporting good governance.
Let our experienced team handle your BOI filing. We offer end-to-end support to ensure that your business stays compliant with this new federal regulation. With our efficient and cost-effective BOI filing services, you can avoid penalties and focus on growing your business.
Ensuring compliance with IRS regulations and avoiding penalties.
Saving time and effort by letting professionals handle the filing process.
Minimizing the risk of errors and inaccuracies.
Access to expert guidance and advice.
Ensure full compliance with the Corporate Transparency Act (CTA) by filing your Beneficial Ownership Information (BOI) with FinCEN. Our expert team handles the entire process with precision and ease.
BOI refers to the details about individuals who own or control at least 25% of a business or exercise substantial control over it. The CTA requires businesses to disclose BOI to help combat financial crimes.
Corporations, LLCs, and foreign entities registered in the U.S. are generally required to file BOI, with some exemptions for large, publicly traded, or certain other specified entities.
Failure to file BOI accurately and on time can result in civil penalties up to $500,000 per violation and criminal penalties, including up to five years in prison.
You’ll need the full name, birthdate, residential address, and ID details of each beneficial owner, along with a scanned image of their ID.
You must update your BOI report within 30 days of any change in beneficial ownership or control to maintain compliance.