Parasec is here to assist you in submitting your beneficial ownership information (BOI) report with confidence!
Under the Corporate Transparency Act (CTA), millions of companies that are registered to do business in the United States are now required to submit a report containing beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). 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?
Businesses impacted by the new reporting requirement are categorized by FinCEN as either new reporting companies or existing reporting companies.
New reporting companies (those created on or after January 1, 2024) must file an initial BOI report within 90 calendar days of receiving actual or public notice of your business’ registration or creation.
Existing companies (those formed before January 1, 2024) have until January 1, 2025 to fulfill their beneficial ownership information (BOI) reporting obligations.
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 recommend utilizing our BOI Filing Prep Checklist to compile all the required documents. We have also provided a FAQs page and an informational sheet to assist reporting companies in identifying who qualifies as a beneficial owner. You can find all three resources on our website, here.
If you’re ready to submit your BOI report, our team is here to assist you!
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