BOIR INFO
NEED TO FILE YOUR BOIR?
We can help you comply with the CTA requirements and file your BOIR accurately and on time.
What is the Beneficial Ownership Information Report (BOIR)?
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes.
Key Points About the BOIR:
- Required by the Financial Crimes Enforcement Network (FinCEN)
- Applies to most U.S. businesses
- Deadline for filing is January 1st, 2025
- Failure to file can result in penalties of up to $500 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:
- Full legal name
- Date of birth
- Current residential or business address
- Unique identifying number (e.g., passport or driver’s license number)
Why is the BOIR Important?
The BOIR helps:
- Prevent money laundering and other financial crimes
- Improve corporate accountability
- Assist law enforcement in investigations
BIOR REPORT UPDATE INFORMATION
The Fifth Circuit Court of Appeals recently granted a Department of Justice (DOJ) motion to lift an injunction issued by a district court in Texas Top Cop Shop, Inc. v. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24). This injunction had delayed certain BOI reporting requirements. However, following the Fifth Circuit’s order on December 27, 2024, FinCEN, which enforces the CTA, announced an updated filing deadline:
For reporting companies required to supply BOI information by January 1, the new deadline is January 13, 2025.
As compliance deadlines shift, it’s essential to ensure your company meets these obligations to avoid potential penalties of $500.00 per day not filed.
We’re here to help.
How We Can Support You
To ease the burden of navigating this regulatory update, we are offering complementary BOI filing services to all our clients. Our team is well-versed in the intricacies of the CTA and FinCEN regulations, ensuring your filings are accurate, timely, and stress-free.
Next Steps
Time is of the essence. Schedule a strategy session today to discuss your company’s specific requirements and ensure compliance before the January 13 deadline.
Schedule your complimentary BOI filing Session
Let us help you navigate these updates with confidence. Don’t hesitate to reach out if you have any questions or need further clarification.