| Should my company report beneficial ownership information now? Yes, your company should report beneficial ownership information now. This proactive approach offers several benefits: Enhances Trust and Reputation: Transparency and compliance with legal requirements can boost trust and reputation among stakeholders, investors, and regulatory bodies, protecting your company from potential legal and financial risks. Operational Efficiency and Risk Mitigation: Reporting beneficial ownership information is essential for maintaining operational efficiency. It helps mitigate risks related to international regulations and anti-money laundering measures, supporting a transparent and accountable corporate structure. Financial Insights and Compliance: From a financial perspective, it provides better insights into the company’s ownership structure, reduces the risk of illegal activities and fraud, and enhances due diligence. Compliance with regulatory requirements also helps avoid fines, penalties, and reputational damage. Attracting and Retaining Talent: Demonstrating a commitment to ethical business practices through transparency can attract and retain talent that values integrity. It also helps in preventing the infiltration of illicit funds and reduces the risk of involvement in illegal activities. Ethical Imperative: Reporting beneficial ownership information is not only a legal obligation but also an ethical one. It contributes to the global fight against corruption, money laundering, and terrorist financing, fostering a culture of trust and accountability. In summary, reporting beneficial ownership information is advisable for legal, operational, financial, human resource, and ethical reasons. It ensures your company operates responsibly and maintains a positive standing in the business community. When must I report my company’s beneficial ownership information to FinCEN? A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information report. A reporting company created or registered on or after January 1, 2024, and before January 1, 2025, will have 90 calendar days after receiving notice of the company’s creation or registration to file its initial BOI report. This 90-calendar day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier. Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN. [Updated December 1, 2023] B.3. When will FinCEN accept beneficial ownership information reports? FinCEN will begin accepting beneficial ownership information reports on January 1, 2024. Beneficial ownership information reports will not be accepted before then. [Issued March 24, 2023] Will there be a fee for submitting a beneficial ownership information report to FinCEN? Yes & No. There will be No Fee for submitting your beneficial ownership information report to FinCEN. [Issued March 24, 2023] Yes, If my office submits the report for you. How will I report my company’s beneficial ownership information? If you are required to report your company’s beneficial ownership to FinCEN, WE will do so Electronically. If you are required to report your company’s beneficial ownership information to FinCEN, WE will do so electronically through a secure filing system available via FinCEN’s website. This system is being developed and will be available before your report is filed. [Issued March 24, 2023] For comprehensive insights and additional details regarding Beneficial Ownership Information, you can access the link I’ve included to Print or Download the information. Can we set up a time when it would be convenient for you to discuss your needs? Call 800-959-6788! |