Business Owners: How to Stay Compliant with BOIR and Avoid Penalties

What is BOIR and Why Does It Matter for Your Business?

As a business owner, it's essential to stay compliant with federal regulations, and one of the most important filings you’ll need to make is the Beneficial Ownership Information Report (BOIR). Under the Corporate Transparency Act (CTA), most U.S. businesses are required to disclose their beneficial owners and those who control or influence the company.

Why Is BOIR Filing Important?

BOIR is a vital part of the fight against financial crimes such as money laundering, tax evasion, and terrorist financing. By disclosing the true owners and controllers of a business, the U.S. government aims to increase transparency in financial transactions.

While the filing helps prevent illicit financial activities, failure to comply can come with hefty penalties.

Non-compliance can lead to fines of up to $592 per day, adding up quickly and becoming a major burden for your business.

How to Become BOIR-Compliant

Staying compliant with BOIR is straightforward if you follow the necessary steps. At Tax Resolution Plus, we understand the filing process and can help guide you through each stage, ensuring that you meet all deadlines and requirements. Our team of experts will ensure that your business submits its BOIR properly, avoiding penalties and safeguarding your business’s future.

What Information is Required for BOIR Filing?

You’ll need to provide detailed information about the beneficial owners of your business. This includes full names, dates of birth, addresses, and identification numbers. These individuals are typically the owners or those who control the business. This information will be reported to the Financial Crimes Enforcement Network (FinCEN) to help maintain transparency.

Don’t Risk Penalties – File Your BOIR Today!

The best way to avoid penalties is to ensure your BOIR filing is accurate and submitted on time. We’re here to help with the filing process so you can stay compliant and avoid penalties. Contact us today at (866) 900-9001 for expert assistance in navigating the filing process.

Need Help Filing Your BOIR? We’ve Got You Covered.

With our professional services, we can help you file your BOIR on time and ensure your business remains fully compliant with the Corporate Transparency Act (CTA). Don’t wait until the penalties start piling up. Reach out to us now!

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