Compliance with FinCEN's Beneficial Ownership Information (BOI) Reporting Rule is critical for almost every business entity. This rule, under the Corporate Transparency Act, compels entities to submit detailed reports outlining entity information, beneficial owners, and those responsible for company registration.
From January 1, 2024, electronic filing through FinCEN's system is mandatory. Entities created before 2024 must file by January 1, 2025, while those formed between January 1, 2024, and January 1, 2025, have a 90-day window. Entities established post-January 1, 2025, must file within 30 days.
PENALTIES
Failure to comply or provide false information incurs severe penalties. Civil penalties can amount to $500 per day for violations. Willful neglect or negligence in reporting can result in criminal prosecution, including imprisonment and fines up to $10,000.
WHO NEEDS TO REPORT?
Almost all businesses fall under the purview of this rule. Corporations, LLCs, foreign companies operating in the U.S., and numerous other entities must comply. While certain entities are exempt, the exemption criteria are intricate. Legal consultation is crucial to avoid penalties for non-compliance.
Call Us Today
Compliance is not just a choice; it's a legal obligation. Even seemingly exempt entities need to fulfill specific conditions for exemption. Proper compliance and legal consultation are essential to avoid severe repercussions. Understanding and adhering to the BOI Reporting Rule is vital for all businesses.
Do not risk penalties; call Austin Levan at (330) 458-2148 or Rick Arnold at (330) 563-4036 today for expert guidance and ensure your compliance with FinCEN regulations.
Legal Disclaimer: The information provided herein is for informational purposes only and should not be construed as legal advice. Consult with a qualified attorney for tailored guidance.
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