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The Importance of Filing Beneficial Ownership Interest Forms

By: Rob Morris

The Importance of Filing Beneficial Ownership Interest Forms

As a business owner, it's crucial to stay compliant with all regulatory requirements, including the filing of Beneficial Ownership Information (BOI) forms. This filing is necessary to maintain transparency and accountability within your organization.

Why You Need to File BOI Forms

The BOI forms are required to be filed annually with the Financial Crimes Enforcement Network (FinCEN). These forms help in identifying and verifying the beneficial owners of your business, ensuring that your company's ownership structure is transparent and compliant with federal regulations.

Which Businesses Need to File?

Any corporation, limited liability company (LLC), or other similar entities registered to do business in the United States must file a BOI form. This includes both domestic and foreign entities operating within the U.S.

Due Date and Penalties

The deadline to file your BOI forms is December 31st of each year. Failure to file the required forms on time can result in significant penalties. Non-compliance can lead to civil penalties of up to $500 per day until the form is filed, and in severe cases, criminal penalties including fines of up to $10,000 and imprisonment for up to two years.

How to File Your BOI Forms - The Easy Method

We cannot file the BOI forms for you. To simplify this process, we have partnered with a firm that provides a secure and easy-to-use solution. You can file your BOI forms using this link.

Direct Filing with FinCEN

Alternatively, you can choose to file your BOI forms directly through the FinCEN website. While this option is available, it is not quite as straightforward as using the link provided above. If you prefer this route, you can file directly with FinCEN by visiting their website.

Stay Compliant and Secure

Ensuring your BOI forms are filed correctly and on time is crucial for maintaining compliance and avoiding potential penalties. Whether you choose to file through our partner firm or directly with FinCEN, make sure to complete this annual requirement promptly.

For any questions or further assistance, feel free to contact our team at Robert W. Morris & Company, P.C. We are here to support you in maintaining compliance and protecting your business's interests