Winter Accounting & Advising LLC (WAA) can handle the administration of your company’s Beneficial Ownership Information (BOI) report. This is a required report for most business entities in the U.S., including most LLCs. Businesses that were created prior to 2024 are required to file this report by January 1, 2025. See below if your business was created on or after January 1, 2024.
A BOI report is a new form that discloses the owners of a business to the Financial Crimes Enforcement Network (FinCEN). The Corporate Transparency Act of 2021 requires most businesses to file a BOI report to help prevent the use of shell companies to hide gains.
Here are some details about filing a BOI report:
When to file
The filing deadline depends on when the business was created or registered:
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- Before January 1, 2024: The initial BOI report must be filed by January 1, 2025
- January 1, 2024 or later: The initial BOI report must be filed within 90 days of receiving public or actual notice of registration or creation
- After January 1, 2025: The initial BOI report must be filed within 30 days of receiving public or actual notice of registration or creation
What to include
The BOI report must include the following information for each beneficial owner:
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- Name
- Birth date
- Address
- A unique identifying number and issuing jurisdiction from an acceptable identification document
- An image of the acceptable identification document
Updates
If there are any changes to the BOI report, an updated report must be filed within 30 days.
Penalties
There are civil penalties for late filing and criminal penalties for willful failure to file.
Our fee to file this report is $275 per entity. Please reach out to us at either info@wintercpas.com or 412-794-8224 to ensure the timely filing of your company’s BOI report to avoid costly penalties and interest.