Are you an officer of a corporation? Are you aware you may be required to file a new form called Beneficial Ownership Information? Failing to do so could result in costly penalties.

As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury, requires most legal entities, domestic or foreign, to report their Beneficial Ownership Information (BOI).

The Corporate Transparency Act (CTA), enacted in 2021, establishes reporting requirements for business entities. By sharing information about who owns or controls a company, the BOI report helps identify and prevent illegal activity such as tax fraud, money laundering, drug trafficking, and financing of terrorism.

If you fail to submit the report, you can face fines of up to $500 per day for ongoing violations, in addition to criminal consequences which may include imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of a corporation neglecting to file a report may be held responsible.

The good news is that we can help you with this filing requirement. We’ll make sure we have all the necessary information, and the report will be filed on your behalf.

The deadline to file varies based on when your entity was formed, but most existing companies will be required to file in 2024. So, if you are required to file, you can start the process now. Reach out to us at 310-534-5577 or [email protected] to let us know you’d like help with this filing. We’re happy to assist you!

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