LLCs AND CORPORATIONS ARE REQUIRED TO FILE A BENEFICIAL OWNERSHIP INFORMATION REPORT TO AVOID $591/DAY FINES
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CTA Compliance
As of January 1st 2024, federal law requires that you report your Beneficial Ownership Information or sustain heavy fines.
We've been researching this new requirement ever since it was proposed several years ago so that we'd be prepared to offer you our expertise. Now that the law's been passed, it's important to take advantage of a service like ours to make sure you stay compliant.
Why our service?
We handle your initial FinCEN filing, as well as greatly simplifying any future updates (just let us know when something changes).
Other business service providers will charge you extra for beneficial ownership changes, state filings, and data tracking.
Not us.
We keep your information on hand at all times, so filing an updated report is as easy as telling us what's changed, rather than filling out a brand new form each time.
FAQs:
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Under 31 US Code §5336, all new LLCs and corporations in the US must file a federal Beneficial Ownership Information (BOI) Report within 90 days or be subject to $591 per day fines & criminal charges. Have us take care of this requirement now to avoid future problems. Our service includes preparation & filing of your BOI Report to make sure you are in compliance.
Q. I never heard of this new law.
A. Then now is the time to become educated. The law was enacted on Jan. 1, 2024 and is being enforced by the government agency called FinCEN.
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Q. Does this apply to me?
A. Yes, your business must file its BOI Report.
Q. Isn't this only for large businesses?
A. No, it applies to ALL businesses, no matter how small.
Q. Is this new law constitutional?
A. It sure is. This has been years in the making and gone through a rigorous review process before being enacted.
Q. What if I ignore this?
A. FinCEN will fine you a minimum of $591 per day for not complying.
Q. They won't catch me.
A. They sure will. FinCEN has implemented new technologies and hired 87,000 new employees to track down those who don't comply. In addition, financial institutions with customer due-diligence requirements will likely need to see your BOIR filing (meaning banks, lenders, etc.).
Q. Ok, let them fine me.
A. It's not just fines. Failure to comply also comes with criminal charges.
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We're the go-to choice for reliable BOIR filings. When lawyers and accountants need to get it done without mistakes or delays, they come to us. Volume discounts available.