Expert Tax Consulting Services

Attention: There is a new federal law for business owners that you may not be aware of. You must file a BOI Report by January 1, 2025, or face harsh penalties. Blaylock Financial can help you.

A Beneficial Ownership Information (BOI) report is a document that companies must file with the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). The report provides details about the individuals who ultimately own or control the company, known as beneficial owners. Most corporations and limited liability companies must file this report. A beneficial owner is considered to be anyone who has at least a 25% ownership or control of the company.

For Beneficial Ownership Information (BOI) reports, companies created or registered before January 1, 2024, must file by January 1, 2025. Companies formed in 2024 have 90 days from their creation or registration date to submit their report. Those created or registered in 2025 and beyond must file within 30 days

Failing to file a Beneficial Ownership Information (BOI) report with FinCEN can result in significant penalties. Companies that do not comply may face civil penalties of up to $500 per day. Additionally, willful violations can lead to criminal fines up to $10,000 and imprisonment for up to two years.

We can file the report for you for a fixed fee of $350 and give you a copy of the report. Please call if you have any questions. We would like to hear from you.