BOI Reporting Service
CORPORATE TRANSPARENCY ACT
Safely submit your Beneficial Ownership Information (BOI) and ensure compliance with FinCEN and the Corporate Transparency Act at Penthers.com.
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BOI Reporting Service
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CORPORATE TRANSPARENCY ACT
BOI Reporting Service
Safely submit your Beneficial Ownership Information (BOI) at Penthers.com to ensure compliance with FinCEN and the Corporate Transparency Act.
- We prepare and submit your filings
- Saves you up to 2 hours per report *
- Eliminate tracking and filing efforts
What is the Beneficial Ownership Information Report (BOIR)?
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes.
Key Points About the BOIR:
- Required by the Financial Crimes Enforcement Network (FinCEN)
- Applies to most U.S. businesses
- Deadline for filing is January 1st, 2025
- Failure to file can result in penalties of up to $500 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:
- Full legal name
- Date of birth
- Current residential or business address
- Unique identifying number (e.g., passport or driver’s license number)
Why is the BOIR Important?
The BOIR helps:
- Prevent money laundering and other financial crimes
- Improve corporate accountability
- Assist law enforcement in investigations
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Why Penthers?
Think about our core values for a few minutes.
Are you comfortable with creativity and innovation?
Fired up with entrepreneurial spirit? But in need of a guiding hand when it comes to your accounts and finances?
Then you’ve come to the right place. Based in the capital of California, Sacramento, we are accountants who love to collaborate with like-minded businesses that are ready to grow and prosper.
At Penthers we make you the center of everything we do. Our focus is on supporting businesses, like yours, improving productivity, increasing their profits, growing sustainably, and finding more time to do the things they want to do. Whether that’s retiring early to spend time with your family, or simply world domination!
BOI Reporting FAQs
What is BOI reporting?
BOI reporting refers to the requirement for certain entities to disclose their beneficial ownership information under the Corporate Transparency Act (CTA) to enhance transparency and combat financial crimes.
Who must file a BOI report?
Most corporations, limited liability companies (LLCs), and similar entities created or registered to do business in the U.S. are required to file a BOI report.
What information is needed for the BOI report?
You will need to provide details for each beneficial owner, including their full name, date of birth, residential or business address, and identification number (like a driver’s license or passport number).
When is the deadline to file?
- Newly formed entities must file within 30 days of registration.
- Existing entities must file by January 1, 2025.
- Updates to the report are due within 30 days of any ownership changes.
Is the information submitted confidential?
Yes, the information is intended to be confidential and will only be accessible to law enforcement and certain government agencies.
What happens if I don’t file?
Failing to file can result in penalties, including fines or other legal consequences. It’s crucial to comply with the reporting requirements.
Can I update my report later?
Yes, if there are changes in ownership or other relevant information, you must update your BOI report within 30 days.
What is the purpose of BOI reporting?
The main purpose is to enhance transparency in business ownership, prevent financial crimes, and assist law enforcement in tracking illicit activities.
here can I find more information?
For detailed guidelines, visit the Financial Crimes Enforcement Network (FinCEN) website or consult with a legal professional.
What others say about us…
When you finally have an exact moving picture of operational performance, you know Penthers have arrived! The Penthers’ team has cleared the deck so I can concentrate on growing my business, a truly productive partnership.
Now that I am working with Penthers , I don’t have to worry about making sure my books are up to date — it just happens. It’s a great relief to no longer be saddled with bookkeeping tasks.
Sean Syed and Penthers are an integral part of our business at Central Valley Water Trucks Inc. We do what we do best and leave the rest to Sean.
Having somebody on the outside looking in who is a professional and brings a lot of knowledge involving data and how to analyze things is incredibly helpful.
At Penthers, we make you the center of everything we do. Our focus is on supporting businesses, like yours, to improve productivity, increase their profits, grow sustainably, and find more time to do the things they want to do.
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