SERVICES

BOI Reporting Service

The Corporate Transparency Act (CTA) is a brand-new mandatory reporting requirement for 2024, aims to tackle financial crime and corruption by mandating businesses to disclose information and report their Beneficial Ownership Information (BOI).

Avoid compliance headaches and uncover strategic advantages as regulations evolve.
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OVERVIEW

Simplify Compliance  –
Reporting Made Easy

Noncompliance can mean a penalty of $500/day, as well as a possible felony charge with up to two years in prison. One Eagle Advisory’s full-service support is the easiest way to stay ahead of the requirements.
Effortless and secure online data gathering
Centralized storage for streamlined tracking and updates
Automated notifications to stay informed on ongoing filing needs
Comprehensive support for initial, updated, and corrected reports

Schedule a free consultation

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INDUSTRIES INVOLVED

Our BOI Reporting Service caters to a wide range of businesses:

Small
Businesses
Corporations
and LLCs
Multi-entity
Businesses
Nonprofits that are
not 501(c) exempt
PROCESS

How Our BOI Reporting
Service Works

Complete the online form to order our BOI Reporting Service.
We will collect the required data points to complete your order.

Maintaining Beneficial Ownership
Information Over Time

One Eagle Advisory’s BOI Reporting Service includes up to four filings per year for updating beneficial ownership information, covering initial submissions, updates for changes in ownership, and corrections for any errors made, ensuring compliance with FinCEN requirements.
1
Step 1: Initial Evaluation
Determine if your business falls under the required reporting entities without any initial charges.
2
Step 2: Information Collection
Gather pertinent beneficial ownership details, potentially including a review of corporate structure and ownership arrangements.
3
Step 3: Reporting and Compliance
Ensure timely and precise submission of beneficial ownership data to FinCEN in accordance with regulatory requirements and manage ongoing filing needs to maintain compliance with the act.

Frequently Asked Questions

What is the Corporate Transparency Act?

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The Corporate Transparency Act (CTA) mandates businesses to disclose beneficial ownership information to enhance transparency in corporate ownership and combat money laundering, terrorist financing, and other illicit activities.

Effective January 1, 2024, all corporations, LLCs, and similar entities must file a report unless exempted.

Who is required to file?

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Certain corporations, limited liability companies (LLCs), and similar entities are required to report information about their Beneficial Owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

What is a Beneficial Owner?

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A beneficial owner is not always the person listed on the company documents. It’s an individual who meets any of the following criteria:

  • Owns 25% or more of the company’s shares
  • Exercises substantial control over the company, even without direct ownership
  • Receives substantial economic benefits from the company

Who is excluded?

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Some entities are excluded from the reporting requirement, such as:

  • Sole proprietor businesses (unless SMLLC)
  • Rental property sole owners (unless SMLLC)
  • Farmers (unless SMLLC)
  • General partnerships that are not LLC’s
  • Grantor trusts
  • Charitable trusts
  • Irrevocable trusts

Large Company Reporting Exemption

  • More than 20 full time employees in the United States, and
  • Physical office in the United States, and
  • Prior year US tax return reflecting at least $5,000,000 in revenues.

What does the CTA mean for your business?

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Over 30 million small businesses are expected to be impacted by the Corporate Transparency Act. If you own or manage a business registered in the United States, you may be required to file a Beneficial Ownership Information Report (BOI) with the Financial Crimes Enforcement Network (FinCEN).

What are the Penalties?

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Failure to comply with the reporting requirements of the CTA can result in significant penalties, including civil monetary penalties and potential criminal penalties for willful violations.

Individuals who violate the regulations may face a civil penalty of up to $500 per day until the violation is corrected. They could also be subject to a criminal fine of up to $10,000 and/or imprisonment for up to two years.

When do you need to file the BOIR form?

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Failure to comply with the reporting requirements of the CTA can result in significant penalties, including civil monetary penalties and potential criminal penalties for willful violations.

Individuals who violate the regulations may face a civil penalty of up to $500 per day until the violation is corrected. They could also be subject to a criminal fine of up to $10,000 and/or imprisonment for up to two years.

Compliance with Expert Guidance

With the Corporate Transparency Act on the horizon, now's the perfect opportunity to get ahead of the game. By addressing these changes early, we can avoid compliance headaches and uncover strategic advantages as regulations evolve. Get in touch today for a comprehensive review of your business structure and tax planning strategies.