Time is running out for business owners to file their Beneficial Ownership Information Report (BOIR). If you operate a business structure such as an LLC, S-Corp, C-Corp, or Partnership, the deadline to comply with the new federal requirements is January 13, 2025—only a few days away!
Failure to file on time can result in hefty penalties and put your business at serious legal risk. Let’s walk you through what BOIR compliance means, why it matters, and how you can avoid costly mistakes.
What Is BOIR and Why Is It Important?
The Beneficial Ownership Information Report (BOIR) is a mandatory filing introduced under the Corporate Transparency Act to help prevent illegal financial activities such as money laundering and tax evasion. It requires reporting entities to disclose key information about their beneficial owners—individuals who exercise significant control over a business or own at least 25% of it.
By filing your BOIR on time, you protect your business from regulatory fines and demonstrate compliance with federal law. This is especially important if your company is a:
- Limited Liability Company (LLC)
- S-Corporation (S-Corp)
- C-Corporation (C-Corp)
- General or Limited Partnership
What Are the Consequences of Missing the BOIR Deadline?
Failing to file your BOIR by January 13, 2025, can lead to:
- Fines up to $500 per day of non-compliance
- A maximum penalty of $10,000
- Possible criminal charges based on the seriousness of the violation.
Such penalties can greatly affect your business’s financial health and reputation.. Avoid unnecessary risks by staying ahead of the deadline.
Step-by-Step Guide to Filing Your BOIR
Here’s how to file your Beneficial Ownership Information Report successfully:
- Register with the Designated Filing System: Visit the official website of the Financial Crimes Enforcement Network (FinCEN) to create an account for Beneficial Ownership Information Report filing.
- Collect the Necessary Information: Gather details for each beneficial owner, including:
- Full legal name
- Date of birth
- Residential address
- Social Security Number (SSN) or other identifying documents
- Complete the BOIR Form: Enter accurate information, review it thoroughly, and double-check for errors.
- Submit Before the Deadline: Ensure your BOIR is filed no later than January 13, 2025, to avoid penalties.
How Pumpkin Tax Co. Makes BOIR Filing Easy
Navigating the complexities of BOIR compliance can be overwhelming, but you don’t have to do it alone. Pumpkin Tax Co. offers comprehensive BOIR filing services to help you:
- Automate compliance tracking: We send reminders and updates to keep your business on track.
- Ensure accurate reporting: Our experts guide you in gathering the correct ownership information.
- Minimize risks: We review your report for completeness, reducing the chance of costly errors.
Don’t risk non-compliance—trust the experts at Pumpkin Tax Co. to simplify your Beneficial Ownership Information Report filing.
Why Timely BOIR Filing Matters
The BOIR filing deadline is more than just another administrative task. It’s a vital step to safeguard your business against financial penalties and reputational damage. Filing on time strengthens your business’s standing with regulatory bodies, making it easier to access financing, partnerships, and other growth opportunities.
Act Now—Only a Few Days Left!
With only a few days remaining until January 13, 2025, the time to act is now. Take these steps today:
- Gather your beneficial owner information
- Consult with Pumpkin Tax Co.
- File your Beneficial Ownership Information Report
Avoid Penalties, Protect Your Business
Compliance is key to long-term success. Reach out to Pumpkin Tax Co. For professional assistance and to safeguard the future of your business.
Contact us now to file your BOIR:
- Phone: +1 (877) 778-675
- Email: info@pumpkintaxco.com