Features & Benefits
Start filing your required beneficial ownership
Time-saving service
Answer a few simple questions about your owners and controlling members for a custom report that meets government requirements.
Accurate filings
Avoid errors trying to navigate a brand new legal requirement with a simplified process to help you file accurately with the government.
Confirmed compliance
Feel confident and secure with confirmation of successful submission to the Financial Crimes Enforcement Network (FinCEN).
What is BIO Reporting?
You are required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network in order to satisfy requirements under the Corporate Transparency Act.
The Beneficial Ownership Information Reporting Rule went into effect Jan. 1, 2024, so it’s important to get ahead of this law as soon as possible given the severity of criminal and civil penalties for failure to file, which include imprisonment and fines.
What are the penalties for not filing?
Each business is responsible for filing a Beneficial Ownership Information Report which includes all of the individuals who control or own the business. However, a beneficial owner of a business who willfully fails to follow the reporting requirement and filing rules, or who misleads the Financial Crimes Enforcement Network, will face personal liability in the form of both criminal and civil penalties for noncompliance with the Corporate Transparency Act.
Failure to comply can lead to criminal penalties of imprisonment for up to two years and/or a fine of up to $10,000, and a civil penalty of $500 per day.
Even if a reporting company files the report on time, penalties can be imposed if the report does not include the correct information. It is critical that the reporting company’s filing is accurate. We can help you ensure accurate filing with a simplified reporting and filing process, satisfying the relevant law.
When is the BOI report due?
The Beneficial Ownership Information Reporting Rule went into effect Jan. 1, 2024, and it's important to understand this new law given the the requirements The deadline varies depending on your date of formation, which we can help you determine, and we can help you stay on top of the process with notifications leading up to your filing deadline.
Generally, business entities formed before Jan. 1, 2024 will have until Dec. 31, 2024 to file. Business entities formed on or after Jan. 1, 2024 will have 90 days after formation to file. Business entities that amend their formation documents on or after Jan. 1, 2024 will have 30 days to submit a new report.
Taking care of this requirement will help you avoid criminal and civil penalties for failing to comply, including imprisonment for up to two years, a fine of up to $10,000, and/or a fine of $500 per day.