Attestation Services
Beneficial Ownership Information Report
What is Beneficial Ownership Information?
Under the Corporate Transparency Act (CTA), beneficial owners of most businesses registered in the United States must submit their identifying information to the Financial Crimes Enforcement Network (FinCEN).
Business required to submit beneficial ownership information (BOI) must file their report with FinCEN before the applicable deadline or face penalties.
Who Has to File?
According to FinCEN, a beneficial owner is an individual who "exercises substantial control over a reporting company" or "owns or controls at least 25 percent of a reporting company’s ownership interests".
A reporting company includes any business registered with a secretary of state, most notably, LLCs and corporations.
When is the Deadline?
Businesses registered:
Before January 1st, 2024 - January 1st, 2025
In 2024 - 90 days from registration
2025 and onwards - 30 days from registration
What Are the Penalties?
FinCEN imposes severe penalties on those who file past their respective deadline or file an incorrect report.
The penalty is $591 per day of violation.
How Can XQ CPA Help?
We understand that the government has placed yet another compliance burden on your shoulders. Gathering information and preparing a BOI report takes away vital time from running your business. On top of this, FinCEN has added the stress of strict deadlines and extreme penalties for accidental errors or late filing.
The Team at XQ CPA is ready to take the time to diligently prepare and file your business's BOI report for you. We will treat your BOI report as seriously as we do your tax return, sending it through rounds of review to ensure its accuracy. Our professionals will submit your BOI report to FinCEN well before the deadline so you can breathe easy and stay in compliance.