The Corporate Transparency Act of 2021 mandates that most LLCs and other businesses must file a Beneficial Ownership Information (BOI) report with the US Treasury Financial Crimes Enforcement Network (FinCEN). As accountants, we specialize in assisting small businesses with meeting complex government filing requirements, and would be happy to discuss how we can take the complexity out of the BOI filings for you.

Who Must File the Report?

If your company is a domestic corporation, limited liability company (LLC), or similar entity created or registered to do business in the U.S., you may be required to submit this report. Certain foreign entities doing business in the U.S. are also subject to these rules. If you are in no way an owner or partner of a company as described above, this new filing requirement most likely doesn’t apply to you.

When is the BOI Report Due?

• New entities (Entities that have been formed after December 31, 2023) must file the BOI report within 30 days of registering.
• Existing entities (Entities that were formed before January 1, 2024) must file their initial report by January 1, 2025.
• After the initial report you must update the report within 30 days of any changes.

Failure to file or update the report as required could result in penalties, including fines of up to $500 per day for continued non-compliance, or up to $10,000 and potential criminal penalties for willfully submitting false information.

What is the BOI Report?

The BOI Report collects information about the beneficial owners of your company—those individuals who:

• Own or control 25% or more of the company, or
• Have substantial control over the company, even if they don’t hold an ownership stake. Some examples of people who may have substantial control but don’t have ownership are: CEO, COO, or CFO.

What Should You Do?

If you started your business this year, check with your attorney to see if the BOI was filed when your business was registered

If you are an existing business, you have several options.

• You can hire us to file the BOI report for your business by filling out this online form
• You can file the report yourself online at https://fincen.gov/boi
• You can hire someone else to file the report for you (If you do this please be sure you trust the company that is doing the report for you since you will be required to provide sensitive personal information)

Our Fee

We’re here to help ensure your business stays compliant with the new regulation and avoids potential penalties. If you would like our assistance in filing the BOI report, please complete this online form. Our standard filing fee is $300 per entity, which includes one individual. However, if you are one of our existing clients, we are offering a discounted rate of $150 per entity.

If your business has more than one beneficial owner, there will be an additional $25 fee per individual, unless the individual already has a FinCEN identifier. If you have any questions about our fees or what is included in the BOI filing, please don’t hesitate to contact us.