Business owners in the United States, including owners of LLC entity have till January 1, 2025 to file the Beneficial Ownership Information Report, BOIR under the Corporate Transparency Act. Failure to file the report can result in penalties of up to $500 per day.
The Corporate Transparency Act requires existing companies doing business in the United States to report information about the individuals who ultimately own or control them (Beneficial Ownership) to The U.S. Department of the Treasury latest January 1, 2025.
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes.
Existing companies must file by January 1, 2025, and new companies must file within 90 days of creation or registration to the Financial Crimes Enforcement Network (FinCEN).
The free and easy to file process on the website of Beneficial Ownership Information Report (BOIR) requires:
• Full legal name
• Date of birth
• Current residential or business address
• Unique identifying number (e.g., passport or driver’s license number)
The BOIR is established to prevent money laundering and other financial crimes, improve corporate accountability and assist law enforcement in investigations.
“It is very important that business owners are well informed about the deadline. The consequences are monumental,” said Adu Bonna, CEO of Lifeline Financial and Tax Services.
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