We are writing to inform you of a new regulatory requirement as of January 1, 2024 that impacts your business or LLC. If you don't have a business or LLC you need not be concerned and no further action is needed. Under the Corporate Transparency Act (CTA), certain companies are now required to file Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN).
The Civil penalties for BOI reporting violations and for the unauthorized disclosure ot use of BOI have increased to $591 a day. The Criminal penalty is up to two years in prison and a fine up to $10,000
To help you comply with these new regulations, we are offering services to handle the BOI filing process on behalf of your S corp, Corporation, Partnership or LLC.If you have more than one entity please call the office for a quote ALL COMPANIES AND PARTNERSHIPS MUST COMPLY...OR BE SUBJECT TO BEING HEAVILY FINED BY THE US GOVERNMENT!
Thomas E Scott CPA
BOIR Information
In accordance with specific regulations/laws, e.g., the Anti-Money Laundering Act, FATF Recommendations, you are required to collect and verify Beneficial Ownership Information (BOI) for all entities. The penalties for not filing BOI by January 01, 2025 are up to $591 a day in civil penalties until filed, and potentially $10,000 in criminal penalties and two years in prison. We know this is very invasive, but the government makes the rules.
What Is Beneficial Ownership Information? Beneficial ownership refers to the individuals who ultimately own or control an entity. This typically includes anyone who directly or indirectly owns a significant portion of the company's shares (25% or more) or who exercises substantial control over a company. Please provide the following information for each beneficial owner of your company. Ensure that this information is accurate and up-to-date.
If you have any questions or require further clarification, please do not hesitate to contact us at 520-908-6180.
Thank you for your cooperation and prompt attention to this matter. Please fill out the following information and upload a clear copy of the drivers license for each partner/owner/responsible party if you would like Scott CPA to report the required Beneficial Ownership Information to finCEN.gov on your behalf.
If you are filing this information yourself, please check the box indicating so, sign and submit this form with your company name.
Call us if you have any questions.