Beneficial Ownership information - reporting (boir)

• Beneficial Ownership Reporting (BOIR) is a critical requirement under the Corporate Transparency Act, which mandates that companies disclose information about individuals who ultimately own or control them. This rule aims to enhance transparency and accountability within the financial system by identifying the actual owners behind corporate entities.

• In Layman's terms, BOIR is basically about identifying and reporting the real people who own or control a company. Think of it like this: sometimes people set up companies to do business, but they hide behind the scenes. These rules make sure that the true owners are known, even if they're not the ones officially listed.  It's like knowing who the real player is behind a video game avatar. This transparency helps prevent illegal activities like money laundering and tax evasion because authorities can see who really controls the business.  So, in simple terms, it's all about making sure the right people are named and held accountable for the companies they control.

Any company or legal entity formed or registered in the United States must file a Beneficial Ownership Information Report (BOIR). This includes corporations, limited liability companies (LLCs), and similar entities. 

Must File

• LLC's 
• Corporations
• Partnerships
• If you registered your company with the state, you will need to file. 

Might not need to file.

• sole proprietors
• DBA
• when in doubt, call or text us at (937) 399-4800

Due Dates

•  Existing Companies (created before January 1, 2024): Must file by January 1, 2025. 

•  New Companies (created after January 1, 2024): Must file within 90 days of creation or registration. 

Penalties for non-compliance

• Daily Fines: You can be fined up to $500 per day for each day the report is not submitted.

• Significant Fines: Willful failure or false reporting can result in fines of up to $10,000.

• Imprisonment: Serious cases of non-compliance can lead to imprisonment for up to two years.

• Compliance is crucial to avoid these severe penalties and ensure your business operates legally and transparently.

 Hiring Tax Tyme to handle your Beneficial Ownership Information Reporting (BOIR) can save you time, ensure accuracy, and help you avoid costly mistakes or penalties. We know the ins and outs of the regulations, so you can focus on running your business with peace of mind, knowing your compliance needs are in good hands. 

Pricing

• $175.00 for the first company.
• $100.00 for each subsequent company. 

Referrals

•  For each successful new business referral, you’ll receive  $35.00 bill credit or cash.  (It's your choice.) 

Have Tax Tyme prepare it for you. 

• Fill out the form below, and we will be in touch with you. 
• https://form.jotform.com/242964722327057