Navigating the Beneficial Ownership Information Report (BOIR)
The Corporate Transparency Act (CTA) has introduced a significant new requirement for businesses: the Beneficial Ownership Information Report (BOIR). This report is a critical tool in the federal government’s efforts to combat money laundering, terrorist financing, and other illicit activities. At Windrose Law Center, we understand the complexities of this new mandate and are here to assist you in meeting your compliance obligations. Here’s what you need to know and how we can help.
What is the Beneficial Ownership Information Report?
The Beneficial Ownership Information Report (BOIR) requires businesses to disclose key details about their beneficial owners—those who own or control at least 25% of the entity or exercise substantial control over it. This information is collected to enhance transparency and prevent misuse of legal entities for illegal purposes.
Key Deadlines and Requirements
For Existing Businesses
If your business was in existence prior to January 1, 2024, you have until the end of this year to submit your BOIR. It’s crucial to meet this deadline to avoid penalties.
For New Businesses
Businesses created on or after January 1, 2024, must file the BOIR within 30 days of their formation, subject to any safe harbors that may extend the filing window. This accelerated timeline requires prompt attention to ensure compliance right from the start.
Penalties for Non-Compliance
Failure to timely file the BOIR can result in severe civil and criminal penalties. Civil penalties can reach up to $500 per day for each day the violation continues, while criminal penalties may include fines and imprisonment. Remember, this is not just a one-time requirement – an updated report is required whenever there is a change in ownership or control. Given these substantial consequences, it’s essential to ensure your business is in compliance with the CTA requirements.
Our Reporting Assistance
At Windrose Law Center, we offer comprehensive services to help business owners navigate the BOIR filing process. Our streamlined approach ensures that your report is filed accurately and on time, minimizing your risk of penalties. Here’s how we can help:
- Easy Document Submission
To get started, all we need from you are the driver’s license(s) of the business owner(s) and the business’s tax ID (EIN). These documents provide the necessary information to complete your BOIR accurately. If for some reason you lack these documents, we can discuss alternative methods of preparing the report.
- Expert Preparation and Filing
Our experienced attorneys will prepare and file your BOIR, ensuring it meets all federal requirements. We stay up-to-date with the latest regulatory changes to provide you with the most accurate and efficient service.
- Compliance Assurance
We understand the importance of compliance and the impact it can have on your business. Our meticulous attention to detail ensures that your report is filed correctly, giving you peace of mind and allowing you to focus on running your business.
Why Choose Windrose Law Center?
Navigating new regulatory requirements can be daunting, but you don’t have to do it alone. At Windrose Law Center, we combine legal expertise with personalized service to make compliance straightforward and stress-free. Our commitment to excellence and client satisfaction sets us apart as the trusted partner for your business’s legal needs.
Take Action Today
Don’t wait until the deadline is looming. Contact Windrose Law Center today to get started on your Beneficial Ownership Information Report. Our team is ready to assist you in meeting your compliance obligations efficiently and effectively!