Beneficial Ownership Information (BOI) Compliance Services
Under the Corporate Transparency Act (CTA), new Beneficial Ownership Information (BOI) reporting requirements affect many businesses. Wasilidas & Kulik CPA PC is here to provide expert guidance, ensuring your business meets these regulations to avoid penalties and remain compliant. Our dedicated team will handle the BOI filing process, making compliance easy and efficient for you.
What is BOI Reporting?
BOI reporting is a federal requirement for U.S.-registered corporations, LLCs, and other similar entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This requirement aims to enhance corporate transparency and combat financial crimes such as money laundering, tax evasion, and terrorist financing.
Who Needs to File BOI Reports?
If you’re unsure whether your business qualifies, Wasilidas & Kulik CPA PC offers consultations to determine your specific obligations.
Entities required to file BOI reports include:
Corporations and LLCs
Domestic and foreign corporations, LLCs, and other similar legal entities registered in the U.S.
Partnerships and Similar Entities:
Partnerships and other entities that are created or registered through state law.
New Businesses (formed on or after January 1, 2024)
Must file BOI reports within 90 days of formation.
New Businesses (formed on or after January 1, 2025)
Must file within 30 days of formation.
Existing Businesses (formed before January 1, 2024)
Must file before January 1, 2025.
Who Qualifies as a Beneficial Owner?
A beneficial owner is any individual who:
- Owns or controls at least 25% of the company’s ownership interests.
- Exercises substantial control over the company, such as being a senior officer or having decision-making authority.
Accurately identifying beneficial owners is crucial for compliance. Wasilidas & Kulik CPA PC will work with you to ensure all relevant individuals are properly reported.
Exemptions
Certain entities may be exempt from BOI reporting, including:
- Publicly traded companies.
- Nonprofit organizations.
- Specific financial institutions.
- Some inactive entities.
Our team will help verify whether your business qualifies for an exemption, ensuring you only file when necessary.
Why BOI Compliance Matters
Failure to comply with BOI requirements can result in significant consequences, including:
- Fines up to $591per day until compliance is achieved.
- Criminal charges for deliberate non-disclosure or fraudulent filing.
Henry Kulik CPA’s team of professionals will ensure you avoid these risks by managing the entire process from start to finish, providing peace of mind for your business.
Our BOI Compliance Services
At Wasilidas & Kulik CPA PC, we provide comprehensive BOI compliance services tailored to your needs:
Initial Assessment
We evaluate your business to confirm whether BOI filing is necessary.
Filing Assistance
Our experts manage the paperwork and submission process, ensuring accuracy and completeness.
Ongoing Compliance Monitoring
We track regulatory changes and deadlines, keeping your business compliant year-round.
Why Choose Wasilidas & Kulik CPA PC?
Expertise:
Decades of experience in business compliance and financial management.
Personalized Service:
Customized solutions that fit your business’s unique needs.
Trusted Advisor:
A reliable partner for all your accounting and compliance needs.
