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Financial Report
Financial Report

Beneficial Ownership Information Report

The federal government is requiring entities to file a Beneficial Ownership Information Report (BOI or BOIR) beginning January 1, 2024.

  • Any entity that was established before 12/31/2023 has until December 31, 2024 to file the report.

  • Any new entity beginning on or after January 1, 2024 has 90 calendar days to file the report. 

  • This is a one-time filing. No other filing needs to be made unless there is a change in ownership. 

  • Our office will not file these reports. Instead, the reports should be filed by the owner directly. 

  • Penalties may include fines of up to $500 for each day of a violation. That is, if a BOIR was due 90 days after the date of registration of a company created after January 1, 2024, but the company did not file a BOIR until 10 days after the deadline, they could be fined up to $5,000. 

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Under the Corporate Transparency Act, U.S. small businesses must file beneficial ownership information reports with the Department of the U.S. Treasury. The Corporate Transparency Act (CTA), aimed at combating illicit financial activity, went into effect on January 1, 2024. 

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