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BOI Filing

BOI Report and Fillings

How will your business be affected by the enactment of the Corporate Transparency Act (CTA)? If your business meets the criteria outlined in the CTA, you may be required to submit a Beneficial Ownership Information (BOI) report in 2024. What exactly do these reports involve, and what is the deadline for submission? Additionally, are there potential penalties for failing to submit the report on time?

BOI FI is ready to address these inquiries and more in light of the recent passage of the CTA. We are here to assist you in understanding the potential impact of the CTA on your business, if any, and to guide you on the information that the act mandates you to disclose to the federal government.

BOI Fi and the Importance of Filing a BOI Report

Ensuring ongoing compliance with dynamic regulatory and reporting obligations in the business landscape is an inherent aspect of business ownership. While navigating through these requirements is challenging, BOI FI recognizes the proactive measures taken by businesses to combat money laundering and terrorism financing, with the Currency Transaction Act (CTA) adding another layer of complexity to daily business management, necessitating integration by legal teams.

Our expertise is dedicated to simplifying the significance of the CTA and its associated Beneficial Ownership Information (BOI) reports. Across diverse industries, we assist businesses in understanding the direct impact of the CTA on their day-to-day operations and annual responsibilities.

As of January 1, 2024, the CTA mandates reporting companies, meeting specific criteria, to submit BOI reports. This regulatory initiative, endorsed by financial institutions, aims to curtail financial misconduct facilitated through opaque structures, shell companies, and illicit actors. It is noteworthy that certain businesses, especially those with a prominent public presence or operating in sectors already subject to BOI reporting, may be exempt from filing BOI reports, as clarified by FinCEN and related authorities.

Which Businesses Have to File

After January 1, 2024, reporting companies are required to submit a BOI report. Those seeking guidance on the necessity of incorporating BOI reports into their filing schedules can contact FileForms for assistance.
The businesses that don’t have to file Boi reports if they:
  • Have more than 20 employees
  • Made more than $5 million in gross revenue (as reported on a previous tax return), and maintain a physical office on United States soil
As stated in the CTA, businesses missing one of the aforementioned features must file BOI reports.

Certain businesses that may be exempt from Boi reporting include the following:
  • Banks
  • Credit Unions
  • Traded Companies
  • Money Services Businesses
  • Brokers and Dealers
  • Insurance Companies and State-Licensed Insurance Producers
  • Public Utilities
  • Accounting Firms
  • Pooled Investment Vehicles
  • Other Institutions Filing Business Reports with the SEC
Parties uncertain about their standing in the eyes of the CTA can work with us to determine how best to proceed.

BOI Fi Can Help Your Business

If you and your business have an obligation to file a BOI report beginning January 1, 2024, you can turn to BOI FI for filing guidance. You can learn more about the services that BOI FI offers for the sake of CTA compliance today. Contact us to discuss how today’s financial transparency laws may have a significant impact on your business.

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