Forget the Stress – Let Venning Handle Your BOI Filing Obligations

The Beneficial Ownership Information (BOI) report is an essential part of the Corporate Transparency Act (CTA), passed by Congress in 2021. This act aims to enhance corporate transparency by requiring businesses to disclose detailed information about their beneficial owners. The BOI report contains personal identifying details about those who own or control a company and is part of the U.S. government’s broader effort to combat money laundering, terrorism financing, tax fraud, and other illegal activities.

Why You Need to File the BOI

The BOI report is filed with FinCEN – the Financial Crimes Enforcement Network under the U.S. Department of the Treasury. This filing is mandatory for businesses and is a new regulatory requirement in the U.S., though similar reporting standards exist in other developed countries. Failing to file can lead to severe penalties, so understanding your obligations is crucial.

Who Needs to File?

• Any company formed or registered before January 1, 2024, must file its BOI report by January 1, 2025.
• Companies registered after January 1, 2024, have 90 days to file from the date they receive state registration notice.
• For companies formed after January 1, 2025, the filing deadline is 30 days after receiving their registration notice.

The Consequences of Non-Compliance

Failing to file or providing inaccurate information can result in significant penalties:

• Civil penalties: Up to $500 per day for each day the violation continues.
• Criminal fines: Up to $10,000, along with potential imprisonment for up to two years.

These strict penalties underscore the importance of accurate and timely reporting.

How Venning Can Help

At Venning, we take the stress out of BOI filings by managing the entire process for you. Our team works with your key advisors in a coordinated effort to ensure that all required details are properly reported. With our expertise, you can avoid costly penalties and ensure that your business is fully compliant with the CTA regulations.

We offer:

• Expert guidance on your specific reporting obligations.
• A collaborative approach to ensure accurate filings for all entities.
• Ongoing support for any future updates or changes to your company’s ownership structure.

Key Deadlines to Remember

• January 1, 2025: BOI report deadline for companies formed or registered before January 1, 2024.
• 90 days: Deadline for companies formed after January 1, 2024.
• 30 days: Filing deadline for companies formed after January 1, 2025.

Get Started with Venning Today

Don’t risk penalties – let Venning handle your BOI filing with precision and expertise. Contact us now to ensure your business remains compliant with the new federal requirements. Our tailored services will take the hassle out of navigating this complex regulatory landscape, so you can focus on what matters most – running your business.

About the Author

Rishi Gautam, CPA, holds a Bachelor of Business Administration in Accounting from the University of Miami and a Master’s Degree in Accounting from Florida International University College of Business Administration. He is the Co-Founder and Director of Venning Advisors.