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Beneficial Ownership Information Reporting is Back in Effect
We want to inform you about a critical update regarding the Beneficial Ownership Information (BOI) reporting rules under the Corporate Transparency Act (CTA). After a series of legal developments, the BOI reporting requirements are now back in effect.
What This Means for You
BOI Filing Deadline Reinforced: Businesses are now required to meet the March 21, 2025, deadline for submitting BOI reports to the Financial Crimes Enforcement Network (FinCEN)
How We Can Help
Deadline
Businesses are now required to meet the March 21, 2025, deadline for submitting BOI reports to the Financial Crimes Enforcement Network (FinCEN)
March 21, 2025
File your BOI report before FinCEN’s deadline
What is the Corporate Transparency Act?
Passed by Congress in 2020, the Corporate Transparency Act (CTA) ensures greater business transparency by requiring companies to disclose Beneficial Ownership Information (BOI) to FinCEN.
- Mandatory BOI disclosure applies to corporations, LLCs, and similar entities
- The CTA authorizes FINCEN to collect BOI and disclose it to authorized government authorities and financial institutions.
- The act aims to combat money laundering, tax fraud, and other illicit activities.
The high cost of not filing BOIR on time
Costly fines
Non-compliance can result in $500 per day, up to $10,000 in penalties.
Serious consequences
Failure to file may lead to up to two years in prison.
Damaged reputation
It can harm your business's credibility and trust with clients and partners.
Beneficial Ownership Information Report (BOIR)
Simplify compliance with expert BOI report filing — ensuring
your business meets FinCEN requirements effortlessly.
Billed once
What you get
- Full compliance with FinCEN requirements
- Hassle-free process from start to finish
- Updates for business changes
- Expert support and guidance
- Key deadline reminders
Get a free 30-minute consultation for your TAX or BOI questions
Or email us directly at boi@boirsubmissioncenter.com
Murat Akcay, CFO and Financial Expert with Expertise in BOI Compliance
Murat serves as the Chief Financial Officer, bringing over 20 years of experience from Deloitte US and EY US
Trusted by Fortune 500 companies
Frequently Asked Questions
When does the Corporate Transparency Act become effective?
The Corporate Transparency Act, or CTA, will officially start on January 1, 2024.
What are the main requirements of the Corporate Transparency Act?
Beginning in 2024, businesses formed or operating in the U.S. must identify the person who filed their formation or registration documents. Additionally, they need to report details about individuals with significant control or ownership, referred to as beneficial owners.
Who qualifies as a ‘beneficial owner’ under the CTA?
A beneficial owner is someone who either owns 25% or more of a company or has significant authority over its decisions. Companies are required to provide detailed information about anyone fitting this description.
Who can view the beneficial ownership information?
Who is considered an applicant under the CTA?
An applicant is the person responsible for submitting the paperwork to establish or register a company. For foreign businesses, this refers to the individual managing the registration process. Up to two individuals may be listed as applicants.
What is a FinCEN Identifier, and who might need one?
A FinCEN Identifier is a unique ID individuals can apply for if they’re named in multiple BOI Reports. This identifier allows them to provide a single ID instead of repeating personal details across reports. It must be updated if their personal information changes.
Where can I get help with legal or tax questions?
A FinCEN Identifier is a unique ID individuals can apply for if they’re named in multiple BOI Reports. This identifier allows them to provide a single ID instead of repeating personal details across reports. It must be updated if their personal information changes.
Submit your BOI report today. Avoid costly penalties!
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