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Time is precious, especially for the business owners trying to get it all done. Between managing operations, planning growth strategies, and keeping up with your team, the last thing you want is to get bogged down by complex filing requirements.
However, starting in 2024, many U.S. and foreign companies must now submit detailed reports about the individuals who own or control them. While necessary for regulatory compliance, this process can be time-consuming and confusing, especially for those unfamiliar with it.
Understanding and accurately completing these reports is crucial to avoid fines and penalties. But instead of spending hours on paperwork, you can streamline the process with FileForms—a Turbo Tax-like platform designed to help you file your Beneficial Ownership Information (BOI) reports quickly, easily, and correctly.
In general terms, a beneficial owner is someone who has significant control over or an ownership interest in a company. This could be anyone who directly or indirectly holds a significant percentage of shares or voting rights or who exercises control through other means. Identifying these individuals correctly is crucial for accurate reporting.
The need for BOI reporting (via the Corporate Transparency Act) aims to prevent illegal activities like money laundering and terrorism financing. The CTA requires many companies to report information about their beneficial owners to the relevant government agency. For those established before January 1, 2024, the deadline to submit these reports is January 1, 2025. Newer companies need to comply shortly after they are registered.
Failure to comply with these requirements can lead to substantial penalties, including fines. Therefore, it is essential to ensure that your BOI report is completed accurately and submitted on time.
Luckily, FileForms offers a user-friendly interface that guides you step-by-step through the BOI reporting process. What typically takes hours can be completed in just about 10 minutes. Plus, FileForms is directly integrated with the relevant government agency, ensuring accuracy and timeliness.
Navigating the complexities of BOI reporting doesn’t have to be a drain on your time and resources.
Report accurately and on time using FileForms BOI One-Time Report Filing for the lowest price online, just $89 (reg. $179).
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