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BOI Reporting - An introduction
BOI reporting, officially known as Beneficial Ownership Information Reporting, is a requirement by FinCEN (Financial Crimes Enforcement Network). It mandates that entities disclose every beneficial owner who holds an ownership interest or has substantial control over the organization. For more details please check General Instructions for BOI Reporting.
BOI Important Dates
Submitting your BOI report before the deadline is crucial to remain compliant with FinCEN under the Corporate Transparency Act (CTA). Below are the key dates and timelines for entities subject to the reporting requirements.
| S.NO | Condition | Due Dates |
|---|---|---|
| 1 | Entity registered before 1st January, 2024 | 1st January, 2025 |
| 2 | Entity registered on or after 1st January, 2024 and before 1st January, 2024 | 90 days from the date of registration |
| 3 | Entity registered on or after 1st January 2025 | 30 days from the date of registration |
| 4 | Any updates to the entity, such as changes in beneficial owners and so on | 30 days after the change happened |
| 5 | Any correction to the BOI report already submitted | 30 days after identifying the error |
Consequences of Non-Compliance with BOI Reporting Requirements
FinCEN is making significant efforts to notify reporting companies about the importance of BOI reporting. Any entity classified as a reporting company must ensure that it submits, corrects, and updates its BOI reports on time.
- Failure to do so can lead to severe penalties, both civil and criminal.
- Civil Penalties: $500 for each day the violation persists.
- Criminal Penalties: Fines up to $10,000 and/or imprisonment for up to two years.
- Individuals who intentionally delay filing, knowingly submit false information, or fail to update beneficial ownership details may be subject to these penalties.
- Any individual (like the Beneficial Owner) who intentionally delays the filing of the BOI report by withholding required information from the filer responsible for filing the BOI report of the entity may be subject to civil or criminal penalties.
File Your BOI Report with TaxZerone!
TaxZerone, your trusted partner for BOI report submission, makes the process smooth and effortless. Here's what we offer:
- Comprehensive BOI Reporting Solution: We support all types of BOI reports, including Initial, Correction, Update, and Newly Exempt Entity submissions.
- Prioritizing Security: Our advanced security protocols protect your personal information throughout the filing process, ensuring your data is secure and giving you peace of mind.
- Invite Beneficial Owners: Easily invite beneficial owners to provide their information securely via our dedicated portal (ZeroneVault).
- Easy E-Filing: Our user-friendly e-filing system makes FinCEN BOI reporting fast and hassle-free.
- Guided Filing: Get step-by-step guidance with clear instructions and helpful tips to ensure your BOI report is completed accurately and efficiently.
Excited to Simplify BOI Reporting?
File Effortlessly with TaxZerone Today!
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About TaxZerone®
TaxZerone® is an IRS-authorized e-file service provider that helps businesses and individuals file multiple IRS forms, such as excise, employment tax, extension, information returns, and tax-exempt forms, easily and securely.
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