Beneficial Ownership Information
Attention Business Owners:
A new law mandates submitting the BOI if you own 25% or more of a US business entity.
Avoid hefty fines of $500 per day for non-compliance.
Speak with Compass Taxes today to ensure timely filing and compliance with the latest regulations.
Trust us to guide you through the process seamlessly.
As of January 1, 2024, the Corporate Transparency Act (CTA) is now in effect, compelling qualifying entities, both foreign and domestic, to submit their Beneficial Ownership Information (BOI) reports to FinCEN. This mandatory filing applies to every domestic or foreign entity registered to conduct business in the U.S., with exemptions considered.
The CTA's objective is to enhance transparency and combat financial crimes by requiring businesses, including corporations, LLCs, and others, to disclose information about their beneficial owners. Failure to comply with this new law may result in significant fines and penalties.
To navigate this regulatory landscape and ensure compliance with the CTA, businesses are encouraged to seek professional assistance. At Compass Taxes, we provide guidance and support in filing BOI reports, helping you meet your obligations seamlessly.
Stay informed and compliant with the latest regulations by consulting with our experts at Compass Taxes.