If you’re a business owner with an LLC or corporation, we’ve got an important update for you. There’s a new federal requirement under the Corporate Transparency Act that means you need to file a Business Ownership Information (BOI) Report with FinCEN. But before you start worrying about complicated filing processes or hefty fines, let’s break it down.
⚠️ Don’t Get Ripped Off
You may have already come across some alarming emails or ads warning of severe penalties or offering to file this report for outrageous fees. Don’t fall for it. We’ve seen people charging hundreds or even thousands of dollars for something that takes only 5–10 minutes to complete. These high fees are totally unnecessary, and it’s nothing more than taking advantage of business owners.
❓ Why Is This Required?
In a nutshell, the U.S. government is asking if your LLC or INC has any foreign ownership. That’s the key focus of this filing – simple as that.
📆The Deadline You Need to Know
This filing isn’t optional. Your BOI Report is mandatory and needs to be submitted by December 31, 2024. If you don’t file it in time, there could be penalties, so don’t let this slip through the cracks.
❓ How to File
We’ve partnered with FinCEN Advisors to make this process quick and easy for you. You can e-File your BOI Report in just a few minutes! It’s a one-time filing, unless your LLC or INC ownership changes down the road, in which case you’ll need to submit an updated report.
What You Need to e-File
Filing is simple, but you’ll want to have these details ready before you start:
- 📌 Your company’s legal name and any trade names (if applicable)
- 📌 The address of your principal place of business
- 📌 The state of formation where your LLC or INC was originally registered
- 📌 Your company’s EIN number
- 📌 Information on each beneficial owner: name, date of birth, residential address, identification number, and a copy of their driver’s license or passport
Which Plan Should You Choose?
When filing your BOI Report with FinCEN Advisors, go for the most affordable starter plan if you’re only reporting one LLC or corporation. If you have more entities, choose the best pricing option to save money.
Why We Can’t File This for You
While we’d love to handle this for you, our firm’s professional liability limits us from filing legal documents on your behalf. That’s why we’re informing you about this requirement and providing you with an easy way to e-File and avoid penalties.
Don’t Miss the Deadline!
To avoid potential fines, be sure to e-File your BOI Report by December 31, 2024. Or, if you prefer, you can file it yourself on the official FinCEN website.