Beneficial Ownership Information (BOI) Reporting Deadlines

The Financial Crimes Enforcement Network (FinCEN) has introduced new regulations requiring companies to report their beneficial ownership information (BOI). Complywise Solutions offers comprehensive BOI filing services to ensure your business complies with these requirements. This blog post will guide you through the essential details of these regulations, helping you understand when and how to comply effectively.

Should My Company Report Beneficial Ownership Information Now?

FinCEN launched the BOI E-Filing website on January 1, 2024. Here are the key deadlines for reporting:

• Companies created or registered before January 1, 2024: You have until January 1, 2025, to file your initial BOI report.
• Companies created or registered in 2024: You must file your BOI report within 90 calendar days of receiving notice that your creation or registration is effective.
• Companies created or registered on or after January 1, 2025: You have 30 calendar days to file after receiving notice of your creation or registration.

These deadlines might seem straightforward, but ensuring timely and accurate compliance can be complex. At Complywise Solutions, we streamline this process for you, making sure your company meets all reporting requirements on time.

When Do I Need to Report My Company’s BOI to FinCEN?

The timing for filing your initial BOI report depends on when your company was created or registered:

• Before January 1, 2024: File by January 1, 2025.
• Between January 1, 2024, and January 1, 2025: File within 90 calendar days of receiving notice of effective creation or registration.
• On or after January 1, 2025: File within 30 calendar days of receiving notice.

Navigating these timelines can be tricky. Complywise Solutions offers specialized services to ensure you never miss a deadline, avoiding potential penalties and compliance issues.

How Do I Report My Company’s BOI?

You can report your company’s BOI electronically through FinCEN’s secure BOI E-Filing website. The process is designed to be user-friendly, but the accuracy of the information provided is paramount. Complywise Solutions takes the hassle out of this process by handling the entire filing for you, ensuring all details are correct and submitted properly.

Who Can File a BOI Report on Behalf of a Reporting Company?

Anyone authorized by your company—such as an employee, owner, or third-party service provider—can file a BOI report on behalf of your company. When submitting the report, the filer must provide basic contact information, including their name and email address or phone number.

At Complywise Solutions, our experienced team can act as your authorized filer. We ensure that your report is submitted accurately and on time, allowing you to focus on your business operations without worrying about compliance issues.

What Companies Are Required to Report BOI?

Two types of companies are required to report BOI:

• Domestic reporting companies: Corporations, limited liability companies, and other entities created by filing a document with a secretary of state or similar office in the U.S.
• Foreign reporting companies: Entities formed under the law of a foreign country that have registered to do business in the U.S. by filing a document with a secretary of state or similar office.

Understanding whether your company falls under these categories can be confusing. Complywise Solutions offers a thorough assessment to determine your reporting obligations.

Are Some Companies Exempt from Reporting?

Yes, there are 23 types of entities exempt from the reporting requirements, including publicly traded companies, many nonprofits, and certain large operating companies. Complywise Solutions can help you determine if your company qualifies for an exemption.

Why Choose Complywise Solutions?

At Complywise Solutions, we understand that BOI reporting can be daunting and time-consuming. Here’s why you should trust us with your BOI filing needs:

• Expertise: Our team of professionals is well-versed in FinCEN regulations and reporting requirements.
• Accuracy: We ensure that all the information provided in your BOI report is accurate and compliant with the latest regulations.
• Timeliness: We manage deadlines meticulously to ensure your reports are filed on time, avoiding penalties.
• Convenience: We handle the entire process for you, allowing you to focus on running your business.

How Can Complywise Solutions Help?

At Complywise Solutions, we offer a full range of services to assist with your BOI filing needs:

• Assessment: Determine if your company needs to report BOI.
• Preparation: Gather and organize the necessary information.
• Filing: Submit the BOI report on your behalf through FinCEN’s secure system.
• Compliance Support: Ensure ongoing compliance with BOI regulations.

Don’t navigate the complexities of BOI reporting alone. Contact Complywise Solutions today to simplify your BOI reporting process and ensure compliance with FinCEN’s new regulations. Visit our website or call us to learn more about our services and how we can assist your company.