11/08/2024
Happy Friday Back Office Family!
Below is information is regarding the BOI Filing Report.
What is the Beneficial Ownership Information Report (BOIR)?
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It's designed to increase transparency in business ownership and help combat financial crimes.
Deadline for filing is January 1st, 2025
Failure to file can result in penalties of up to $592 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:
• Full legal name
• Date of birth
• Current residential or business address
• Unique identifying number (e.g., passport or driver's license number)
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Why is the BOIR Important?
The BOIR helps:
• Prevent money laundering and other financial crimes
• Improve corporate accountability
• Assist law enforcement in investigations
Please review the above information, as well as the information included within the attachment.
As always, do not hesitate to reach out to us if you have further questions or concerns regarding this required reporting.
We are here to help your business remain complaint!
