We are excited to announce our new partnership with FileForms, a leading provider of Beneficial Ownership Information (BOI) reporting tools. This collaboration introduces an advanced, user-friendly platform designed to simplify and streamline your BOI reporting processes. With FileForms' robust technology and our dedicated support team, you can confidently manage your compliance requirements with greater accuracy and efficiency. We believe this partnership will equip you with the necessary tools and expertise to stay ahead in an ever-evolving regulatory landscape.
We have thoroughly vetted FileForms and are confident that partnering with a proven company is the best approach as we navigate these new reporting requirements together.
What You Need to Know About BOI Reporting
BOI reporting, effective as of January 1, 2024, requires all U.S. and foreign companies formed or registered in any of the 50 states to comply. This requirement is mandated by the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). For more detailed information, please visit the official FinCEN website here.
Key Points About BOI Reporting:
Who Must File?
Most corporations, LLCs, and limited partnerships will likely need to file a BOI report, though some business structures may be exempt.
Who is a Beneficial Owner?
Beneficial owners include anyone who holds or controls 25% or more of the company’s voting stock or who can exercise substantial influence over the company. High-ranking personnel such as the CEO, President, or General Counsel are typically considered beneficial owners.
Deadlines to Keep in Mind:
For companies formed before January 1, 2024: Initial reports are due by January 1, 2025.
For companies formed on or after January 1, 2024: Initial reports are due within 90 days of the entity’s creation.
Consequences of Non-Compliance:
Failing to file can result in penalties of $591 per day, up to $10,000 per entity, with the possibility of civil and criminal penalties for ongoing non-compliance.
Get Started Today
Create your account and file your BOI report now using this link.
If you have any questions regarding our partnership with FileForms or the new BOI reporting requirements, please feel free to contact us at info@verity.cpa or 808.546.5026. You can also reach out to FileForms directly at +1-888-515-FILE or info@fileforms.com.
We appreciate your business and look forward to assisting you as we navigate these new requirements together.
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