Corporate transparency act
BOI Reporting
Safely enter your beneficial ownership information through our easy to use online forms.
We'll handle the preparation and submission of your filings, saving you up to three hours per report.*
Simplify the process. Our fee covers up to four initial, updated, or corrected reports
Safely enter your beneficial ownership information through our easy to use online forms.
We'll handle the preparation and submission of your filings, saving you up to three hours per report.*
Simplify the process. Our fee covers up to four initial, updated, or corrected reports
$199 ANNUALLY PER ENTITY
*FinCEN estimates reading and completing the Beneficial Ownership Information Report can take up to three hours per entity.
Put Beneficial Ownership Reporting on Autopilot
Starting January 1, 2024, millions of companies in the US will need to report beneficial ownership information (BOI).
Fincen Alliance's full-service support is the easiest way to stay ahead of the new requirements. Sign up today and experience:
Simple, secure online information collection
Centralized data storage that streamlines information tracking and updates
Automated notifications to keep you up to date on ongoing filing requirements
Filing support for initial, update, and correction reports
The result is you spend more time focused on your core business operations and less time worrying about government filing requirements.
Penalties And Consequences?
Delving into the intricate web of regulations, it's crucial to grasp the gravity of tardy government filings. From penalties and interest charges to potential legal repercussions, late submission can trigger a cascade of consequences.
These may include the loss of benefits, negative impacts on credit ratings, and even the suspension of licenses or permits.
Penalties
Late filing often incurs penalties, which can vary depending on the type of filing and the government agency involved. These penalties may be fixed amounts or calculated based on the amount owed.
Loss of Benefits
Late filing can result in a loss of benefits or entitlements that are tied to timely filing. For example, individuals who file their taxes late may experience delays in receiving tax refunds or may miss out on certain tax credits or deductions.
Legal Action
In some cases, particularly for businesses or individuals with significant tax liabilities, late filing may lead to legal action by government agencies. This could include audits, assessments of additional taxes, or even criminal charges in cases of deliberate non-compliance.
Reputation Damage
Late filing can also damage the reputation of individuals or businesses, particularly if it becomes public knowledge. This can affect relationships with customers, suppliers, investors, and other stakeholders, leading to potential loss of business or opportunities.
Suspension of
Licenses or Permits
Certain government filings, such as business licenses or permits, may be subject to renewal on an annual or periodic basis. Failure to file these renewals on time could result in the suspension or revocation of the associated licenses or permits.
Increased
Scrutiny
Individuals or businesses that consistently file late or fail to meet their government filing obligations may be subject to increased scrutiny from regulatory authorities. This could result in more frequent audits or inspections, leading to further penalties or fines if deficiencies are uncovered.
Inability to Contest or Appeal
Failing to file government documents or reports on time may limit an individual's or business's ability to contest or appeal decisions made by government agencies. For example, missing deadlines for filing tax returns may prevent taxpayers from challenging assessments or disputing tax liabilities.
Negative Impact
on Credit
Unpaid taxes or penalties resulting from late filing can negatively impact an individual's or business's credit rating. This can make it more difficult to obtain loans, credit cards, or favorable terms on financial transactions in the future.
Who Can Benefit?
Our BOI Reporting Service caters to a wide range of businesses:
Multi-entity
businesses
Corporations
and LLCs
Small
businesses
Multinational
companies
Nonprofits that are
not 501(c) exempt
How Our BOI Reporting
Service Works
Complete the online form to order our BOI reporting service. We will collect the required data points to complete your order to meet the filing requirements effective January 2024.
Reporting BOI to FinCEN
Provide basic company
information today.
We collect beneficial
ownership information and
securely file.
You receive proof the initial
filing has been completed
and ongoing support for
changes to your information.
Keeping Reporting
Information Updated
Reporting Beneficial Ownership Information is more than just a one-time filing. As beneficial owners change, companies must complete additional filings to notify FinCEN of the updates.
Additionally, information submitted in error must be updated via correction filings. Unlike the solutions offered by other providers, up to four initial, updated, and corrected reports are included in BOI Quick File's BOI Reporting Service annually.
100% Money Back Guarantee
Reporting Beneficial Ownership Information is more than just a one-time filing. As beneficial owners change, companies must complete additional filings to notify FinCEN of the updates.
Additionally, information submitted in error must be updated via correction filings. Unlike the solutions offered by other providers, up to four initial, updated, and corrected reports are included in BOI Quick File's BOI Reporting Service annually.
Support for Partners
BOI reporting requirements will impact ~30 million companies, meaning clients of virtually every professional service company will face new filing obligations for initial, update, and corrective filings. The need for services to meet these requirements will be unprecedented. Your clients demand solutions.
Meet the call by partnering with Fincen Alliance. Confidently respond to their needs with our best-in-class software and services.
Interested in turning BOI Reporting Service into a new revenue stream for your business?
We partner with firms of all kinds to simplify and expedite filing processes for their clients.
Frequently Asked
Questions
What is the Corporate Transparency Act (CTA)?
The Corporate Transparency Act (CTA) is a federal law enacted in 2021 as part of the National Defense Authorization Act. Its primary goal is to prevent money laundering, terrorism financing, and other illicit financial activities by promoting transparency within corporate structures.
What does the Corporate Transparency Act require from businesses?
The CTA requires entities to report the individuals with ownership and controlling stake to the federal government. This involves submitting beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (Fincen Alliance) and notifying the agency of any changes to the information as they occur.
When does the Corporate Transparency Act come into effect?
The reporting requirement of the CTA is effective on January 1, 2024. FinCEN will begin accepting beneficial ownership information reports on that date.
What information is required for Beneficial Ownership Reporting under the CTA?
Key details required include the entity’s name, any trade or DBA names, state of formation, federal EIN, ID number from its domicile Secretary of State, the entity’s primary address within the US, full legal name of each beneficial owner, unique identifying number from an acceptable identification document, and more.
What does "beneficial owner" mean under the CTA?
Beneficial owners have substantial control over or receive substantial economic benefits from a legal entity.
Who is exempt from the CTA's reporting requirements?
While the CTA broadly applies to corporations and LLCs, specific exemptions exist. More heavily regulated entities such as banks, credit unions, investment companies, and entities already required to report certain information to the federal government are exempt from the CTA's reporting requirements. Read our guide, Everything You Need to Know About the Corporate Transparency Act (CTA) for a full list of exemptions.
What are the penalties for non-compliance with the CTA?
Failure to comply with the CTA can result in significant penalties. These may include fines of $500 per day, up to $10,000, or even criminal charges.
What are the benefits of the CTA for legitimate businesses?
For legitimate businesses, beneficial ownership reporting promotes a more transparent and trustworthy business climate. It helps prevent unfair competition from entities engaging in illicit activities, creating a more level playing field for all businesses.
How can a business prepare for Beneficial Ownership Reporting under the CTA?
Businesses can prepare by conducting an internal review of their company's structure and ownership hierarchy, collecting necessary documentation for each beneficial owner, establishing a centralized record-keeping system, ensuring regular updates, and training staff members for ongoing compliance.
How can Fincen Alliance help businesses with the CTA's reporting requirements?
Our BOI reporting service completes the initial filing and supports updating your information going forward. Order BOI Reporting Service to ensure your initial BOI filing, updates, and changes are managed as needed.
BOI Reporting Service
Submit your beneficial ownership filings to Fincen Alliance
Handle initial filing, updates, and changes as needed
Ensure compliance with BOI reporting requirements for $199 per year
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Fincen Alliance does not provide tax, financial, or legal advice. Use of our services does not create an attorney-client relationship. Fincen Alliance is not acting as your attorney and does not review information you provide to us for legal accuracy or sufficiency. Access to our website is subject to our Terms of Use and Service Agreement.
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