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Reminder: Beneficial Owner Interest Filing Requirements

Attention Small Business Owners! The new Beneficial Ownership Information (BOI) reporting requirements are crucial for compliance. The BOI reporting mandates that all businesses report information about individuals who own or control 25% or more of the company.

Who Needs to File? The BOI reporting requirements primarily apply to corporations, limited liability companies (LLCs), partnerships and HOA’s created by filing a document with a U.S. state government. If you’re a self-employed individual filing under your Social Security number you might not need to file. However, incorporated self-employed individuals and businesses must comply. It’s essential to verify your specific circumstances to determine if the filing is necessary.

Penalties for Non-Compliance Failing to comply with BOI reporting can lead to significant fines. Non-compliance penalties can reach up to $500 per day, capped at $10,000 annually, and could even result in criminal charges for willful violations. The cost of ignoring these requirements far outweighs the effort needed to comply.

How to File To simplify the filing process, visit this link: BOI Reporting. This will direct you to a trusted vendor we’ve vetted to provide filing support for our clients. Ensuring compliance is now easier than ever.

By utilizing this service, you can ensure that your business meets all regulatory requirements without the hassle. Don’t let BOI reporting requirements catch you off guard—protect your business from unnecessary fines and legal issues by filing your BOI report today.

For any questions or further assistance, our team at CPA Consulting Services is here to help. Stay compliant and safeguard your business’s future!

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