As part of our ongoing commitment to keeping you informed, we want to ensure you're aware of important updates related to the Beneficial Ownership Information (BOI) Report filing requirements for businesses.
While our Firm is not handling these filings directly, staying ahead of these deadlines is essential to avoid penalties and ensure compliance.
Stay Compliant: Key Deadlines for New BOI Reporting Requirements
What is the BOI Report?
The BOI Report is a new mandate under the Corporate Transparency Act (CTA) requiring businesses to disclose information about individuals who own or control the company. This effort aims to increase transparency to combat financial crimes like money laundering and fraud.
Key Deadlines for BOI Report Filings
January 1, 2024: FinCEN began accepting BOI filings.
For Existing Companies (as of January 1, 2024): You must file your initial BOI report by January 1, 2025.
For Companies Created or Registered in 2024: File your BOI report within 90 days of your company's creation or registration.
For Companies Created or Registered on or After January 1, 2024: File your BOI report within 30 days of creation or registration.
How to File Your BOI Report
Access the Filing Platform: Click here to submit your BOI report via FinCEN's electronic filing platform. The platform will guide you through the process.
Prepare Your Information: Gather details on your beneficial owners, including full names, dates of birth, addresses, and identification numbers.
Submit Your Report: Follow the platform's guidance to ensure accurate and timely submission.
Why Timely Filing is Critical
Avoid Penalties: Late or missed filings can result in substantial financial penalties.
Maintain Good Standing: Staying compliant helps safeguard your company's reputation and operational status.
Prevent Regulatory Scrutiny: Delays or inaccuracies in filings can attract unwanted attention from regulators, leading to audits or investigations.
Best Practices for Compliance
Set Deadline Reminders: Keep track of filing dates to avoid costly oversights.
Regularly Update Ownership Records: Ensure changes in beneficial ownership are accurately reflected in your records.
Consult Compliance Experts: Seek professional advice to navigate any complexities in the filing process.
How Brinker Simpson Can Help
While we do not handle BOI filings directly, we are here to keep you informed about these crucial deadlines. In next week's update, we'll provide step-by-step instructions for completing your BOI report via FinCEN.gov.
Need More Information?
FinCEN has published a comprehensive FAQ document to help businesses navigate the BOI reporting rules. 👉 Check out the BOI FAQs here. For additional details, review FinCEN's Informational Brochure.
If you have any questions, don't hesitate to reach out to your Brinker Simpson tax advisor!
