Navigating Beneficial Ownership Compliance – Ensure Seamless BOI Reporting
Under the Corporate Transparency Act (CTA), millions of companies that are registered to do business in the United States are required to submit a report containing beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This report outlines the beneficial owners of the company—those who own or control it, either directly or indirectly. Failure to submit a complete and accurate BOI report may result in significant civil or criminal penalties. At Parasec, we provide assistance to help you meet this new compliance requirement on time and with confidence.
When do you need to file your initial report?
- Existing companies (formed before January 1, 2024) have until January 1, 2025, to fulfill their BOI reporting obligations.
- Reporting companies created on or after January 1, 2024 must file an initial BOI report within 90 calendar days of receiving actual or public notice of their business’ registration or creation.
- Reporting companies created on or after January 1, 2025 will have just 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.
Moreover, if any information regarding the reporting company or beneficial owners changes, you must file an updated BOI report within 30 days.
Ready to file your BOI report? Contact our BOI specialists at BOI@parasec.com.
How can Parasec assist you?
Our online platform helps streamline the BOl report filing process-collecting the data required to help you meet this compliance regulation. 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 through a secure system-to-system gateway. This direct connection enables quick and secure data transmission to FinCEN.
- BOI Report Dashboard: Easily access, edit, share, update, and generate new BOl reports using our user-friendly online dashboard. Our BOI Report Dashboard simplifies the process of filing amendments or making changes.
- Save As You Go: Save progress and resume filling out the BOl form as you collect the required data.
- 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: Completing this compliance requirement can help companies avoid severe criminal and civil penalties, including fines and imprisonment.
- Professional 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.
- Reference Materials: 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.
Ensure the long-term success of your business by completing this critical federal compliance requirement today. If you have any questions or are ready to file your BOI report, please don’t hesitate to reach out to us.
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