Date of Update: 7-17-24 (Information and pricing subject to change)
What is Beneficial Ownership Information?
The Corporate Transparency Act (CTA) requires certain business entities (defined as “reporting companies”) to file, in the absence of an exemption (see FinCen FAQ), information about their “beneficial owners” with the Financial Crimes Enforcement Network (“FinCEN”) of the US Department of Treasury.
Beneficial ownership information includes the names, dates of birth, addresses, and identifying information of individuals who own or control 25% or more of a reporting company.
Why is this important?
The CTA aims to enhance transparency and combat financial crimes, such as money laundering and terrorism financing. By filing BOI reports, you are helping to prevent these activities and protect the integrity of the U.S. financial system.
When are initial reports due?
Initial reports for entities formed prior to January 1, 2024, are due January 1, 2025.
Initial reports for entities formed on or after January 1, 2024, are due within 90 calendar days from filing of their registration with the secretary of state.
What penalties do individuals face for violating BOI reporting requirements?
As specified in the CTA, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $591 for each day that the violation continues. This civil penalty amount is adjusted annually for inflation. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.
What does KeenCo charge for this service?
$350/reporting company. Rush fees will apply if we are hired after November 1st, 2024.
How can we help?
As your trusted accounting firm, we are committed to helping you navigate this new regulatory landscape. Our team is experienced in BOI reporting and can assist you with the following:
Determining if your company is subject to the CTA.
Collecting and verifying beneficial ownership information
Preparing and filing the required reports
Maintaining BOI records for future reference
What are my next steps?
Use the link below to hire us, list your reporting companies, and pay your fees. Our BOI reporting team will reach out to confirm the information we have on file for you and gather missing documents and information.
If you have questions, please direct those emails to: boi@keen.cpa. This email inbox will be monitored by our CPAs, Staff Accountants, and Controllers.
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