In 2021, Congress passed the Corporate Transparency Act that requires businesses to file Beneficial Ownership Information (BOI) by January 1, 2025.
Missing the deadline could result in daily penalties of $591 and potential criminal fines up to $10,000 or imprisonment for up to two years.
CFO2U can help you file your BOI with less stress and worry.
Schedule a discovery call to see how we can get your filing done ASAP.
In 2021, Congress passed the Corporate Transparency Act. The law aims to curb illicit financial activity, such as tax fraud, money laundering, and financing for terrorism, by making the owners of U.S. businesses more transparent. The BOI is a requirement under CTA.
The CTA includes a requirement for businesses that meet specific criteria to file Beneficial Ownership Information. BOI reports the beneficial owners of U.S. companies to the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN).
Any individual who owns and/or controls a company must file a BOI.
Read our guide to learn more about BOI and its requirements for business owners.
Most companies in the U.S. need to file BOI, but there are some exceptions. Your company needs to report information about its beneficial owners if it is one of the following:
Work with CFO2U to get your BOI filed. Schedule a call with our team to get started.
Reporting may seem simple, but there is a lot of room for error. Not fully understanding the requirements can lead to fines and penalties.
Work with CFO2U on an affordable fixed fee structure for first-time reporting.
$350: Filling for Business with 1 – 2 owners
$500: Filling for Business with 3 – 4 owners
Add on a $50 annual compliance fee that covers data storage, periodic reminders about compliance updates, access to prior reports, compliance dashboards, and discounted update reports.
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I’m Susan Nieland, founder of CFO2U. I built CFO2U to help busy business owners get back to running their business and their lives with more time and clarity.
Our team is made up of a group of experienced financial advisors who strive to give you the time and insights to run your business to the best of your ability.
We look forward to helping you get the support and resources you need to build and grow a healthy, successful company.
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