As the 2024 deadline approaches, ensuring your business complies with FinCEN’s Beneficial Ownership Reporting requirements is crucial. At Ogden Glazer + Schaefer, we understand the complexities and challenges of navigating these regulations. That’s why we’re excited to offer a new BOI reporting service designed to simplify your reporting process, ensuring accuracy and compliance every step of the way.
What is Beneficial Ownership Reporting and What Are the Deadlines?
Beneficial Ownership Reporting (“BOI”) is a requirement under the Corporate Transparency Act that mandates most companies to disclose information about individuals who significantly control or own at least 25% of the company. This aims to increase transparency and prevent illegal activities like money laundering. Reporting involves identifying these “beneficial owners” and filing their details with the Financial Crimes Enforcement Network (FinCEN). Deadlines for reporting vary based on when the company was formed, and failure to comply can result in hefty fines.
The most pressing deadlines are as follows:
- December 31, 2024 for Existing Companies: For companies formed before January 1, 2024 the deadline to report BOI is December 31, 2024.
- 90 Days After Formation for New Companies: For companies formed from January 1, 2024 onward the deadline to report BOI is 90 days after formation of the company. The deadline goes to 30 days for companies formed next year (2025).
***Note, if we formed your company for you in 2024 under one of our flat fee packages, BOI reporting is included in the flat fee you paid. If you have questions about the status of your BOI reporting, please contact us.***
More information regarding the Corporate Transparency Act and BOI is available here from our blog.
Pricing
- Early Bird Rate: $450 per company if you sign up before October 15, 2024.
- Standard Rate: $700 per company from October 16 to December 15, 2024.
- Late Submission: Pricing after December 15, 2024, is at our discretion.
Our Process
- Information Gathering: We’ll initiate a secure and automated process to collect necessary information from each individual associated with your business.
- Data Verification: Our team will review your information to ensure accuracy and completeness. Additionally, we will provide guidance on which individuals need to report their information.
- Submission to FinCEN: We handle the entire submission process, ensuring your information is reported correctly and securely.
Get Started Today!
Watch this informative presentation by Attorney Sam Kavalier!
Don’t let the complexities of Beneficial Ownership Reporting slow you down.
Contact us at [email protected] today to get started.