Attention all Business Owners!
UPDATE 12/10/24: DEADLINE TBD
Last night (December 5, 2024) just two days after the Texas federal court issued its December 3, 2024, ruling, the Department of Justice filed a formal notice of appeal to the Fifth Circuit. This notice of appeal indicates a swift challenge to the court’s preliminary injunction that temporarily halts nationwide enforcement of the Corporate Transparency Act (CTA).
The appeal notice also indicates that the Department of Justice promptly seeks a stay of the injunction. While the injunction remains in effect, FinCEN is unable to enforce the CTA or impose any penalties for non-compliance.
However, the Fifth Circuit could quickly revise the scope of the injunction prior to the regulation’s January 1st deadline while the appeal is under review. This could potentially limit the injunction’s application to named plaintiffs or a smaller group of businesses or stay the injunction entirely, allowing FinCEN to enforce the Corporate Transparency Act nationwide.
The January 1, deadline is pushed out but this requirement is still in process and we will post updates as this works through the courts.
FILE NOW To Avoid Costly Fines and Penalties.
In 2021, Congress passed the Corporate Transparency Act. This law creates a new Beneficial Ownership Report requirement (BOIR) to the Financial Crimes Enforcement Network (FinCEN). This is part of the U.S. government’s efforts to make it harder for individuals to hide illegal acts.
What is BOI Report?
Beneficial Ownership Information refers to identifying information about the individuals who directly or indirectly own or control a company.
When is the BOIR DUE?
A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report.
A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report.
Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
PENALITES/FINES:
May be subject to civil penalties of up to $591 for each day beyond your companies deadline.
Willfully violating the BOI reporting requirements or not reporting BOI changes may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000!
“We ensure that your company’s BOI Report is filed right the first time!”
Answer a few simple questions about your owners and controlling members for a custom report that meets government requirements.
SAVE TIME!
Avoid errors trying to navigate a brand new legal requirement with a simplified process to help you file accurately with the government.
ensure accuracy.
Feel confident and secure with confirmation of successful submission to the Financial Crimes Enforcement Network (FinCEN).
avoid penalties!
Our Services
We make it EASY to File, Update and Maintain your corporations BOIR.
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• Customized BOI Report
• Simplified Process
• Confirmation of Successful Filing
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• Customized BOI Report
• Simplified Process
• Confirmation of Successful Filing
• Personalized Alerts
• Amendment Filings
• Ongoing Filings for Changes of Ownership
At BOIR Advisory Group, our experienced team brings over 75 years of expertise in accounting, derived from a CPA firm that has been a cornerstone in the industry since 1987. We specialize in accounting, bookkeeping, and tax preparation services, ensuring our clients receive the highest level of professional support.
In anticipation of the new Business Ownership Information requirements, we recognized a growing need among small business owners for guidance and support. Our mission is to simplify the complex process of reporting and filing the necessary information with the Financial Crimes Enforcement Network (FinCEN).
Our Clients Say It Best.