As we mentioned in a previous post, effective January 1, 2024, all US and foreign companies that were formed in or have registered with any of the 50 US states must comply with new Beneficial Ownership Information (BOI) reporting requirements from the Financial Crimes Enforcement Network (FinCEN), as prescribed by the Corporate Transparency Act (CTA). More information may be found on the official website of the United States Government.
We are pleased to announce that SBF has teamed up with FileForms to ensure seamless filing and reporting of this information. We have vetted this company and feel that a partnership with a proven company is best for you as we navigate through these new reporting requirements.
A Refresher About Beneficial Ownership Information Reports
Who must file?
Most corporations, LLCs, and limited partnerships will likely need to file a BOI report, but some business structures are exempt. Click here to complete a questionnaire to determine if your company is required to file.
Who is a beneficial owner?
Individuals who hold or wield control over twenty-five percent or more of the voting stock or its equivalent in the company are deemed beneficial owners. Moreover, any person who, either directly or indirectly, possesses significant influence over the reporting firm is categorized as a “beneficial owner.” Examples of such influential figures include the Chief Executive Officer, President, and General Counsel.
When is the deadline?
For companies established with an effective date before January 1, 2024, the initial report must be submitted by no later than January 1, 2025. In the case of companies formed with an effective date on or after January 1, 2024, the initial report is required within 90 days from the date of the entity’s creation.
Recognizing that compliance is paramount for your business, we are committed to supporting you throughout the process. However, certain restrictions prevent CPA firms from filing any BOI reports on your behalf. That’s why we’ve joined forces with FileForms to address all your filing requirements.
Click here to discover the information FileForms provides on the Corporate Transparency Act, or click here to start the filing process with FileForms. Simply take a brief quiz, and then FileForms will guide you on whether filing is necessary and assist you in taking the appropriate steps. If you have any questions, please reach out to your client manager.