In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
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As of January 1, 2024, most US and foreign businesses in the US must adhere to the new BOI (Beneficial Ownership Information) reporting rules under the Corporate Transparency Act (CTA) for enhanced national security and anti-money laundering efforts.
Each beneficial owner’s name, address, date of birth, and identification number (from a government-issued document such as a driver’s license) must be reported to FinCEN.
FinCEN defines a beneficial owner as, "any individual who, directly or indirectly, either (1) exercises substantial control over a reporting company, or (2) owns or controls at least 25 percent of the ownership interests of a reporting company. The rule defines the terms “substantial control” and “ownership interest.” In keeping with the CTA, the rule exempts five types of individuals from the definition of “beneficial owner.”
*Non compliance or inaccurate filing could result in fines and legal consequences*
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"I cannot express how grateful I am for discovering FileForms. As a small business owner, the process of filing my BOI reports was completely new, and honestly kind of scary. However, FileForms simplified everything for me. Thanks to FileForms, I saved hours of tedious work and ensured that my reports were compliant with FinCEN Requirements"
Mansoor Razzaq
Owner- Catalogs.com
"Filing our BOI reports was something that we did not want to get wrong. However, with FileForms, the whole experience was easy. By using FileForms, I saved countless hours! If you want to file BOI reports, as well as be informed of future insights, FileForms is the way to go."
Daniel Donovan
Owner- Dsquared Media
"It saved me so much time compared to if I tried to file on my own. Thanks to FileForms, we were able to meet the compliance and requirements set by FinCEN effortlessly. I highly recommend FileForms to anyone looking for a streamlined and efficient solution for filing your BOI reports."
Darren Palestine
Co-Founder - Commercial Finance Partners
We don’t just help you GET compliant - We help you STAY compliant
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What is beneficial ownership information?
Beneficial ownership information refers to identifying information about the individuals who directly or indirectly own or control a company.
FinCEN will begin accepting beneficial ownership information reports on January 1, 2024.
Many U.S. states and territories lack beneficial ownership disclosure, allowing criminals to hide their identities and launder money, disadvantaging honest businesses, and hindering law enforcement. The Corporate Transparency Act requires entities to report beneficial owners to FinCEN, aiding in combating illicit financial activities with shared information limited to authorized parties. FinCEN's data sharing helps deter bad actors from benefiting from illegal gains, with companies reporting beneficial ownership information contributing significantly to this endeavor.
FileForms handles it. Our team will reach out to you before the filing due date to confirm there has been no change in information and confirm we are able to proceed with filing the information the client disclosed.
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