Beneficial Ownership Information Report

The Corporate Transparency Act mandates that the majority of small businesses submit a Beneficial Ownership Information (BOI) report. Established companies are required to file this report by January 1, 2025, while those incorporated after January 1, 2024, must do so within 90 days of their establishment. Failure to comply may result in penalties, including fines of $591 per day and/or imprisonment.

FAQ's

1. When is the initial beneficial owner information report required to be filed with FinCen for entities created on or after January 1st, 2024?

   
   
   Any domestic reporting company or foreign reporting company created on or after January 1, 2024, must file a report within 90 calendar days of either receiving actual notice that its creation has become effective or the Secretary of State or similar office first providing public notice it’s been created, such as through a publicly accessible registry, whichever occurs first.

   
   
2. What is a beneficial owner?

   
   
   The final FinCEN rule defines a beneficial owner as follows: “the term “beneficial owner,” with respect to a reporting company, means any individual who, directly or indirectly, either exercises substantial control over such reporting company or owns or controls at least 25 percent of the ownership interests of such reporting company.

   
   
3. Which types of organizations are considered reporting companies?

   
   
   Beneficial Ownership Information reports must be filed by domestic reporting companies and foreign reporting companies. A domestic reporting company is defined as an entity that is a corporation, LLC or other entity created by the filing of a document with a secretary of state or similar office under the laws of a state or Indian tribe. A foreign reporting company is an entity that is a corporation, LLC, or other entity created under the law of a foreign country and registered to do business in any state or tribal jurisdiction by filing a document with a secretary of state or similar office under the law of a state or Indian tribe.

   
   

   File Your BOI In 3 Steps:

   
   

   1. GATHER INFORMATION - You are required to supply specific pertinent information. This encompasses details about the company, information concerning the beneficial owners, and potentially the details of the company applicant.
   2. COMPLETE OUR SHORT QUESTIONAIRE - Use the information you have gathered to fill out the questionnaire. 
   3. WE SUBMIT THE REPORT - We submit the report on your behalf and ensure that everything is handled correctly.

   
   

   Upon completing your purchase, please click the download button to access our questionnaire, and we will take care of the rest.

   
   

   Adams Tax is not a law firm and cannot provide legal advice, including providing advice as to whether any specific entity will be required to file a report. Adams Tax cannot provide its own interpretation of the statute or FinCEN’s final report ruling, however many of the questions can be answered by referring to the text of the final rule, sections of which have been provided where appropriate. You can also direct questions to FinCEN. Questions can be submitted to FinCEN at www.fincen.gov/contact