Thank you for visiting Endereza Law, LLC to learn more about the federal Corporate Transparency Act’s requirement to file a Beneficial Ownership Information Report (BOIR).
Deadlines are approaching. Companies created on or before January 1, 2024, must file the BOIR before January 1, 2025. Companies created after January 1, 2024, must file the BOIR within 90 days of formation. There are civil and criminal penalties for late, incomplete, and fraudulent filings.
Endereza Law, PLLC has developed an efficient process to help you evaluate whether your company needs to file a BOIR and if so, to collect the information needed to file it. After learning more about the BOIR mandatory filing, please complete the inquiry form below to get started.
*You opt-in to the filing after the evaluation, or you can choose not to proceed with Endereza Law filing your BOIR. Evaluation and Filing Fee are charged separately.
Effective January 1, 2024, many companies in the United States must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This is called a “Beneficial Ownership Information Report,” or “BOIR.” Beneficial owners are defined broadly and may include owners of at least 25% of the company as well as individuals who exercise substantial control over the company, as defined by the law, and could include board members, officers and executives, and other employees.
The deadlines to file a BOIR are as follows:
The willful failure to report complete or update a BOIR, or the willful provision of or attempt to provide false or fraudulent BOI may result in a civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fails to file a required BOI report may be held accountable for that failure. Additionally, a person may be subject to civil and/or criminal penalties for willfully causing a company not to file a required BOI report or to report incomplete or false beneficial ownership information to FinCEN.
Twenty-three types of entities are exempt from beneficial ownership information reporting requirements, including publicly traded companies, nonprofits, and certain large operating companies.