Attention all business owners and shareholders! The landscape of business transparency is changing, and we’re excited to introduce BOIR β Beneficial Ownership Information Reporting. As the recent FinCEN Beneficial Ownership Reporting requirements take effect, staying compliant has never been more critical. π‘οΈ
What is BOIR? π€
BOIR is a specialized service that ensures your business adheres to the new Beneficial Ownership Information Reporting requirements mandated by the US Financial Crimes Enforcement Network (FinCEN). Starting in 2024, U.S. businesses must submit Beneficial Ownership Information to FinCEN. These reports include personal information about significant people involved in the company, including owners and managers.
Our team of experts simplifies the process, navigating the complexities of reporting beneficial ownership information for you.
Who Needs BOIR? π’
If you fall under the category of a “small entity” operating in the US, BOIR is for you. Whether your business is domestic or international, compliance is not optional. “Small Entities” include most businesses not publicly traded on a stock exchange, and exempt entities like banks, investment advisors, and accounting firms are excluded.
Why do companies have to report beneficial ownership information to the U.S. Department of the Treasury?
In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. governmentβs efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. [Issued September 18, 2023]
Why BOIR is Essential? π
Legal Compliance: Avoid penalties and legal ramifications by filing reports accurately and on time.
Security: Protect the personal information of beneficial owners by utilizing FinCEN IDs, rather than sharing sensitive documents.
Ease of Use: BOIR takes the burden off your shoulders so that you can focus on your business, not on complex reporting requirements.
Expertise: Gain peace of mind with BOIR’s team of experts who understand the intricacies of FinCEN regulations.
Key Services Provided by BOIR π οΈ
Identification of Beneficial Owners
Collection of necessary IDs and documentation
FinCEN ID registration assistance
Filing of timely Beneficial Ownership Reports
Continuous compliance monitoring and update
Deadlines to Keep in Mind β°
Established companies (before Jan 1, 2024) must report before Jan 1, 2025.
Companies formed in 2024 need to report within 90 days of formation.
Companies formed after 2024 must report within 30 days.
Takeaways β
The FinCEN Beneficial Ownership Reporting is a step towards combating financial fraud and crime.
Obtaining a FinCEN ID is highly recommended for individual owners to expedite the reporting process.
BOIR ensures that your reporting is done correctly and efficiently, giving you one less thing to worry about.
Don’t be caught off guard by the new FinCEN reporting requirements. Contact BOIR today to schedule your consultation and ensure your business remains compliant. Remember, accurate reporting is not just a regulatory requirement; it’s integral to business integrity and transparency in the modern world.
For more information or to get started with your reporting, visit our website or contact us directly at 801 263 0400 or email at [email protected] β your trusted partner in navigating Beneficial Ownership Information Reporting. ππ