- Urgent Federal Deadline: File now so you can avoid a penalty of $500/day.
Don't wait to file your Beneficial Ownership Information Report
To avoid serious criminal and civil penalties, businesses that form in 2024 must file a Beneficial Ownership Information Report (BOIR) within 90 days of forming. No matter when your business formed, we can help you determine your deadline and file for you.
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Why use Fintech Umbrella for filing a Beneficial Ownership Information Report?
Our process is absolutely simple & can be done in less than 10 minutes. We ensure that all of the Federal requirements are met so you don’t have to worry about missing a thing.
You may only have a limited time to file a Beneficial Ownership Information Report (BOIR) before your deadline.
Get Compliant
Satisfy the new federal reporting requirement with our help. We’ll file the information about the individuals who own or control your business with the Financial Crimes Enforcement Network (FinCEN).
Avoid Penalties
Not filing a report on time could result in serious criminal and civil penalties. We’ll ensure your filing meets all federal requirements to help you avoid liability and having to pay any associated fees.
File With Confidence
Get peace of mind with our accurate, compliant filing. You can be sure that we’ll include all the required information about beneficial owners. Plus, you’ll receive confirmation upon completion of the report.
What is Beneficial Ownership Information Reporting?
You’re required to file identifying information about beneficial owners, or the individuals who directly or indirectly own or control your company, with the Financial Crimes Enforcement Network (FinCEN) in order to satisfy the Corporate Transparency Act.
The Beneficial Ownership Information Reporting Rule went into effect Jan. 1, 2024, and many reporting companies have critical deadlines to file this year. It’s important to understand this new law given the severity of criminal and civil penalties for failure to file, which include imprisonment and fines.
of United States based businesses must report by the end of 2024
File in 3 Easy Steps
Our process is absolutely simple & can be done in less than 10 minutes. We ensure that all of the Federal requirements are met so you don’t have to worry about missing a thing.
You may only have a limited time to file a Beneficial Ownership Information Report (BOIR) before your deadline.
Tell us about your beneficial owners
Answer a few simple questions about the individuals who own or control your business, so your report is personalized and accurate.
We create and file the report for you
We’ll prepare a personalized report that satisfies the requirements of the federal reporting mandate, and we’ll file it for you.
Receive confirmation of your filed report
Once we file your personalized report with the Financial Crimes Enforcement Network (FinCEN), we’ll provide confirmation.
Avoid Serious Penalties
Prevent criminal and civil penalties, including imprisonment for up to two years and/or fines up to $10,000, and civil fines of up to $500/day.
Focus On Your Business
Concentrate on your business instead of navigating the complexities of a new federally mandated rule under the Corporate Transparency Act.
Ensure Compliance
Feel confident and secure about your business, knowing your report is filed on time and you’re in compliance with the law.
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What's the Corporate Transparency Act?
Effective Jan. 1, 2024, this is federal legislation created to curb illicit finances and boost transparency around company ownership structures. This helps the government crack down on financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.
Under this Act, the Beneficial Ownership Information Reporting Rule requires reporting companies to file information on each beneficial owner with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). This means reporting companies must identify and document any person who holds a 25% or greater ownership interest or exercises substantial control over the company.
Reporting info on beneficial owners supports the ongoing focus and efforts of the U.S. government to deter corporations who would hide or benefit from actions that harm others. FinCEN has developed a database that holds information about each beneficial owner documented by a reporting company.
It’s important to understand this new rule given the severity of criminal and civil penalties for failure to file, which include imprisonment and fines.
What's the Corporate Transparency Act?
Beneficial owners are individuals who directly or indirectly: (1) own or control at least 25% of your company’s ownership interests, or (2) exercise substantial control over your business. Common examples of beneficial owners of a reporting company can include the following:
• An important decision-maker for the reporting company
• A senior officer (president, chief executive officer, chief financial officer, general counsel, chief operating officer, or any other officer with a similar function)
• An individual with the authority to appoint or remove certain officers or a majority of directors (or similar body) of the reporting company
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What's in the Beneficial Ownership Information Report (BOIR)?
The report includes several pieces of information about the reporting company, such as its full legal name, any trade or DBA names, its address, federal tax ID number (or EIN), and the jurisdiction where it was either created or registered.
The report also includes the owners’ full legal names, birth dates, current addresses, images of acceptable identification documents (such as a passport or driver’s licenses), along with the issuing jurisdiction and the document’s ID number.
Reporting companies that were created on or after Jan. 1, 2024 must also submit information about the individuals who formed the company. This means any person who filed your entity formation documents (known as the applicant), even if they aren’t one of the beneficial owners, must provide all the same information as a beneficial owner.
Using our service simplifies the process for reporting and filing the required information with the Financial Crimes Enforcement Network, saving you time and stress related to deadlines and accurate filing of your report.
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How are LLCs impacted by the new federal mandate?
Owners of a limited liability company (LLC) need to file the new report with the federal agency and provide basic contact information about the company and its owners (known as members). This requirement applies to single-member and multi-member LLCs.
Who's exempt from filing a report?
Most small business entities are not exempt from this requirement. Entities that are exempt from having to file a Beneficial Ownership Information Report (BOIR) include publicly traded companies, tax-exempt nonprofit organizations, certain large operating companies, and others that meet specific requirements.
The Financial Crimes Enforcement Network lists 23 types of exempt entities that do not qualify as reporting companies and certain individuals that can’t be listed as a beneficial owner under the reporting requirement.
Want to see if you NEED to file a Beneficial Ownership Report?
Complete our free questionnaire to determine the likelihood of your business needing to qualify.
