Mandatory Beneficial Ownership Information Reporting:
(BOIR)

How Small Businesses Can Avoid Costly $500/Day Fines

New BOIR Rules 2024:

Starting January 1, 2024, the Corporate Transparency Act (CTA) mandates that certain business entities disclose detailed information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This regulation, known as Beneficial Ownership Information Reporting (BOIR), aims to enhance transparency and combat financial crimes. As a result, non-compliance can lead to fines of up to $500 per day.

Who Needs to File:

• Corporations, LLCs, and similar entities.
• Additionally, exemptions include large operating companies, government entities, publicly traded companies, financial institutions, tax-exempt organizations, inactive entities, subsidiaries of exempt entities, and other regulated entities.

What Information Must Be Reported:

Deadlines:

• Entities Created Before January 1, 2024: Must file by January 1, 2025.
• New Entities Registered After January 1, 2024: Must file within 90 days of formation.
• Ongoing Obligations: Report any changes in beneficial ownership within 30 days.

The Importance of Compliance:

Failure to comply with FinCEN’s BOIR requirements can result in substantial penalties, including fines of up to $500 per day. Therefore, ensuring accurate and timely reporting helps your business stay compliant and avoid these fines. Moreover, compliance fosters a more transparent and secure business environment, which aids in combating financial crimes like money laundering and terrorism financing.

Resources for Assistance:

DOTDAT specializes in various business compliances, and we enjoy helping businesses navigate the complex regulations of various governmental agencies. Furthermore, our experienced team manages entity registrations, beneficial ownership information reporting, biennial updates, and more. With tailored solutions and expert guidance, DOTDAT keeps your business compliant, thus allowing you to focus on your core operations without regulatory stress.
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FinCEN also provides several resources to help businesses comply with the new requirements for those who love to read.

• FinCEN BOIR Rule and Guidance: Detailed information about BOIR requirements and the Corporate Transparency Act can be found on FinCEN’s official website: FinCEN BOIR Rule
• Frequently Asked Questions (FAQs): FinCEN’s FAQ document addresses common questions and clarifies various aspects of BOIR reporting: FinCEN BOIR FAQs
• Small Entity Compliance Guide: This guide is designed to help smaller entities understand the BOIR requirements with step-by-step instructions and examples: FinCEN Small Entity Compliance Guide

How DOTDAT Can Help:

DOTDAT offers comprehensive compliance services to simplify your business operations. Additionally, our services include BOIR filing at no extra cost for customers using our All-in-One Compliance Packages. Our expert team not only ensures accurate and timely submissions but also provides continuous support throughout the entire compliance process. Consequently, you can confidently focus on expanding and growing your business. Furthermore, with our meticulous attention to detail, we relieve you of the burden of compliance issues, thus allowing you to dedicate your energy to achieving your business goals.

Choosing DOTDAT to handle your BOIR filing is a smart decision because we ensure accuracy and compliance. Moreover, our experienced team navigates complex regulations efficiently, so you don’t have to. Additionally, we provide timely updates and support, thus preventing costly fines. Consequently, you can focus on growing your business, knowing that your compliance needs are in expert hands.