Introduction
The Corporate Transparency Act (CTA) has introduced new Beneficial Ownership Information (BOI) reporting requirements that many businesses must adhere to. Wasilidas & Kulik CPA PC is dedicated to helping businesses navigate these regulations and ensure compliance. Our team of expert CPAs will guide you through the entire BOI filing process, ensuring you stay informed and avoid potential penalties.
What is BOI Reporting?
BOI reporting is a legal requirement that mandates corporations, LLCs, and similar entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This transparency initiative aims to reduce illicit activities such as money laundering, tax evasion, and terrorist financing.
Who Needs to File?
BOI reporting applies to the following entities:
- Corporations and LLCs: Domestic and foreign entities registered in the United States.
- Partnerships: Some partnerships and other legal entities may also be subject to these requirements.
Filing Deadlines:
- New Businesses (formed on or after January 1, 2024): Must file BOI reports within 90 days of formation.
- Existing Businesses (formed before January 1, 2024): Must file before January 1, 2025.
- New Businesses (formed on or after January 1, 2025): Must file within 30 days of formation.
Unsure whether your business qualifies? Wasilidas & Kulik CPA PC can evaluate your business and confirm your BOI filing obligations.
Who is Considered a Beneficial Owner?
A beneficial owner is defined as any individual who:
- Owns or controls 25% or more of the company’s ownership interests.
- Exercises significant control over the company, including senior officers or decision-makers.
Identifying the correct beneficial owners is crucial for accurate BOI compliance. Our team will help you ensure that all relevant individuals within your organization are properly reported.
Exemptions from BOI Filing
Certain businesses may be exempt from BOI reporting requirements, including:
- Publicly traded companies.
- Nonprofit organizations.
- Inactive entities.
Wasilidas & Kulik CPA PC will help determine if your business qualifies for an exemption, saving you from filing unnecessary reports.
Why BOI Compliance Matters
Non-compliance with BOI filing can result in significant penalties, including:
- Fines of up to $591 per day until compliance is achieved.
- Criminal charges in cases of intentional fraud or concealment.
By working with Wasilidas & Kulik CPA PC, you can avoid these risks. We guide you through the filing process to ensure your business remains compliant.
How We Can Help
Wasilidas & Kulik CPA PC offers a comprehensive range of BOI compliance services, including:
- Initial Compliance Assessment: We help determine if your business is subject to BOI reporting requirements.
- Filing Assistance: Our team handles all the necessary paperwork and ensures that your submissions are accurate and timely.
- Ongoing Compliance Support: We keep track of regulatory changes and filing deadlines to help you stay compliant year-round.
Contact Us Today
Ensure your business remains compliant with BOI filing requirements. Schedule a consultation with Wasilidas & Kulik CPA PC to simplify the process.
Call us at (978) 514-8829 or schedule an appointment online today.