For small business owners across the U.S., the new Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act bring significant changes. Now, businesses need to follow strict reporting rules to meet FinCEN’s BOI requirements. This new mandate enhances transparency in business ownership, ultimately affecting companies of all sizes. Many small businesses must now meet the December 31, 2024 deadline.
What Is the Beneficial Ownership Information Requirement?
The Beneficial Ownership Information law requires all U.S. businesses to report details about their beneficial owners. Specifically, those holding 25% or more ownership or who control key company decisions must be reported. By enforcing these records, the Financial Crimes Enforcement Network (FinCEN) seeks to curb money laundering and other illegal activities, enhancing accountability within corporate ownership.
Why Do Small Businesses Need to Comply Now?
Complying with this law is critical. Missing the December 31, 2024 deadline could mean fines of up to $10,000 or even imprisonment. Because this rule impacts many business entities, including LLCs, corporations, and partnerships, understanding the requirement is essential. Tax Pros of Mid-Michigan stands ready to help small businesses with this filing process.
How Tax Pros of Mid-Michigan Can Assist
Tax Pros of Mid-Michigan offers BOI report filing services for only $99. This affordable solution saves businesses time and ensures compliance with FinCEN’s regulations. Our team handles the entire process, so business owners can focus on their operations without worrying about BOI deadlines.
Benefits of Choosing Tax Pros of Mid-Michigan for BOI Filing
- Cost-Effective Service: Priced at $99, our BOI filing service is an affordable way to avoid penalties.
- Quick and Streamlined Process: Our experts manage all details, filing reports directly with FinCEN on your behalf.
- Local Expertise: As a Michigan-based business, we understand local needs and simplify the compliance process for Michigan businesses.
FAQs on BOI Reporting and Compliance
- Who Needs to File a BOI Report?
- Any business with 25% ownership interest or significant decision-making control must file with FinCEN.
- What Are the Consequences of Not Filing?
- Non-compliance may result in heavy fines and even imprisonment, with penalties reaching $10,000 for missed deadlines.
- How Can Tax Pros of Mid-Michigan Help My Business Comply?
- We simplify the BOI filing process, ensuring accurate reporting and compliance with FinCEN’s requirements.
Don’t Hold Off Any Longer And Avoid Those Penalties!
As new BOI reporting rules come into effect, small businesses need to prepare for compliance. Tax Pros of Mid-Michigan offers affordable, efficient support for businesses navigating these new obligations. For just $99, you can secure your compliance and avoid costly penalties.
For further information on BOI requirements, check FinCEN’s FAQs or contact us for BOI reporting assistance.