BOI Report Compliance: Ensure Smooth Beneficial Ownership Filing
What is a BOI Report?
Under the Corporate Transparency Act (CTA), millions of businesses in the United States must submit a report containing beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This report identifies who control a company, either directly or indirectly.
Failure to submit a complete and accurate BOI report may result in significant civil or criminal penalties. At Parasec, we help businesses navigate BOI reporting requirements efficiently, ensuring compliance with confidence.
BOI Reporting Requirements: When Do You Need to File?
The CTA’s legal status has been uncertain, causing confusion for business owners, attorneys, and tax professionals. Effective February 19, 2025, beneficial ownership information (BOI) reporting requirements have been reinstated.
To allow time for compliance, FinCEN is extending the deadline for most companies by 30 days from February 19, 2025, making the new BOI compliance deadline March 21, 2025. If a reporting company’s original deadline falls after March 21, 2025, due to a disaster relief extension or another reason, it should follow the later deadline.
FinCEN will provide updates on any further deadline changes and is evaluating options to ease regulatory burdens, prioritizing entities posing national security risks. Additionally, FinCEN plans to revise beneficial ownership information (BOI) reporting rules this year to reduce compliance burdens for lower-risk entities, including many small businesses.
If have any questions or are ready to file your BOI report, our specialists can help. Contact us at BOI@parasec.com.
How Parasec Simplifies BOI Report Filing
Our online platform streamlines the BOI reporting process, making compliance easier and more secure. Here are some of the benefits of using our service:
- FinCEN API Participant: As a FinCEN-authorized API participant, our system connects directly to FinCEN for fast and secure submissions.
- BOI Report Dashboard: Easily access, update, and manage BOl reports in one place.
- Save Progress & Resume Later:Collect data at your own pace without losing work.
- Filing Confirmation: We provide a confirmation of submittal once your BOl report is successfully filed with FinCEN.
- Data Security: We utilize industry standards to ensure security and redact sensitive information in our BOl software.
- Avoid Penalties: Ensure compliance to prevent costly fines and legal consequences.
- Expert Support: Our customer support team is available during regular business hours. You will always speak to a professional, polite, and knowledgeable person who cares about your business.
Get Ready to File Your BOI Report
To ensure a smooth filing process, we suggest using our BOI Filing Prep Checklist to gather all necessary documents. Additionally, we have created an FAQs page; an Identifying Beneficial Owners informational sheet; and a Trusts & BOI Reports document, which outlines key considerations for trusts under the CTA.
If you have any questions or are ready to file, contact our BOI compliance specialists today.
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