Introduction: Protecting Your Business from BOI Filing Inquiries
Complying with Beneficial Ownership Information (BOI) regulations is critical for businesses operating in the United States. However, even with the best intentions, businesses can sometimes face inquiries or challenges from the Financial Crimes Enforcement Network (FinCEN) regarding their BOI filings. These inquiries can result from various issues, such as incomplete information, errors in reporting, or changes in ownership that weren’t reported on time. If your business receives a notice from FinCEN, it’s essential to respond quickly and effectively to avoid penalties.
At Henry Kulik CPA and Ash CPA, we offer a comprehensive $1,000,000 BOI Filing Defense plan to protect your business. This plan provides up to $1,000,000 in services to help resolve any inquiries from FinCEN regarding your BOI filings, ensuring that your business remains compliant and avoids financial penalties. In this blog, we’ll discuss how our plan works and the benefits it offers to businesses facing BOI filing challenges.
Why You Might Face a BOI Filing Inquiry
While submitting your BOI reports accurately and on time is crucial for avoiding penalties, various factors can still lead to an inquiry from FinCEN. Some of the most common reasons businesses face inquiries include:
- Incomplete or Inaccurate InformationBOI reports must include detailed information about each beneficial owner, including names, identification numbers, and ownership percentages. If any of this information is missing or incorrect, FinCEN may issue an inquiry to resolve the discrepancy.
- Late FilingsBOI reports must be submitted within specific deadlines. For new businesses formed on or after January 1, 2024, the report must be submitted within 90 days of business formation. Existing businesses formed before this date have until January 1, 2025 to submit their reports. Missing these deadlines can result in inquiries and penalties.
- Changes in OwnershipBusinesses are required to submit updated BOI reports whenever there are changes in ownership or control. If a business fails to report these changes in a timely manner, FinCEN may launch an inquiry to investigate.
- Suspected Non-ComplianceIn some cases, FinCEN may issue inquiries based on suspected non-compliance with BOI regulations, particularly if there are concerns about the accuracy or completeness of the report.
When faced with any of these issues, it’s crucial to have professional assistance to navigate the inquiry process and avoid penalties. At Henry Kulik CPA and Ash CPA, we provide expert guidance through our $1,000,000 BOI Filing Defense plan to ensure your business is protected.
How the $1,000,000 BOI Filing Defense Works
Our $1,000,000 BOI Filing Defense plan is designed to provide businesses with comprehensive support in the event of a BOI filing inquiry or dispute. If your business receives a notice or inquiry from FinCEN, our team will provide up to $1,000,000 in services to help resolve the issue and protect your business from penalties.
Here’s how the plan works:
- Initial Assessment and ResponseUpon receiving a notice or inquiry from FinCEN, our team will conduct an initial assessment of the situation to determine the cause of the inquiry and the steps needed to resolve it. We will then work with you to draft an appropriate response to FinCEN, ensuring that all required information is provided in a timely and accurate manner.
- Review and Correction of BOI ReportsIf the inquiry is related to incomplete or inaccurate information in your BOI report, our team will review the report and make any necessary corrections. We’ll ensure that the updated information is submitted to FinCEN securely and in compliance with all regulatory requirements.
- Resolution of Penalties and DisputesIn cases where your business faces penalties for late or inaccurate BOI filings, our $1,000,000 BOI Filing Defense plan provides legal and financial resources to resolve the issue. We’ll work to minimize or eliminate any fines and ensure that your business’s compliance status is restored.
- Ongoing Monitoring and SupportOnce the inquiry is resolved, we’ll continue to monitor your business’s BOI compliance to ensure that any future issues are addressed promptly. This ongoing support helps prevent future inquiries and keeps your business in good standing with FinCEN.
For more information on how our BOI Filing Defense plan works, visit our Services page
The Benefits of Our $1,000,000 BOI Filing Defense Plan
Our $1,000,000 BOI Filing Defense plan offers a range of benefits that can help protect your business from financial and reputational damage in the event of a BOI inquiry. Some of the key benefits include:
- Expert Guidance and SupportNavigating a BOI filing inquiry can be complex and time-consuming, especially if your business has a complicated ownership structure. Our team of experts at Henry Kulik CPA and Ash CPA has extensive experience in BOI compliance and can provide the guidance you need to resolve the issue efficiently.
- Financial ProtectionWith up to $1,000,000 in services, our plan ensures that your business has the financial resources to respond to any FinCEN inquiry, including covering legal fees, compliance costs, and penalties. This financial protection gives you peace of mind knowing that your business is fully supported.
- Minimization of PenaltiesOne of the primary goals of our BOI Filing Defense plan is to minimize or eliminate penalties associated with BOI inquiries. By responding quickly and accurately to FinCEN’s inquiries, we can help reduce the financial impact on your business.
- Protection of Your Business’s ReputationInquiries from FinCEN can raise concerns among clients, investors, and stakeholders about your business’s compliance status. Our BOI Filing Defense plan helps protect your business’s reputation by resolving inquiries promptly and professionally, ensuring that your business remains in good standing.
- Ongoing Compliance SupportEven after the inquiry is resolved, our team will continue to monitor your business’s BOI compliance to ensure that no future issues arise. This ongoing support helps prevent additional inquiries and keeps your business fully compliant with BOI regulations.
For more details on the benefits of our BOI Filing Defense plan, visit our BOI Defense Benefits page
How to Avoid BOI Inquiries in the First Place
While our $1,000,000 BOI Filing Defense plan provides comprehensive protection in the event of an inquiry, the best way to protect your business is to avoid inquiries altogether. Here are some best practices to help ensure that your business remains compliant and avoids BOI inquiries:
- Submit Accurate and Complete BOI ReportsEnsure that all required information is included in your BOI reports, and double-check the accuracy of each detail before submission. Missing or incorrect information is one of the most common reasons for BOI inquiries.
- Meet All BOI Filing DeadlinesTimely submission of BOI reports is critical for avoiding inquiries and penalties. For new businesses formed on or after January 1, 2024, reports must be submitted within 90 days of formation. Existing businesses formed before this date have until January 1, 2025 to file their reports. Missing these deadlines can trigger inquiries from FinCEN.
- Monitor and Update BOI Information RegularlyIf there are any changes in your business’s ownership structure or control, you must submit updated BOI reports to FinCEN within the required time frame. Regularly reviewing your ownership information ensures that you remain compliant.
- Work with Professional AdvisorsNavigating BOI regulations can be challenging, particularly for businesses with complex ownership structures. By working with professional advisors like Henry Kulik CPA or Ash CPA, you can ensure that your business remains compliant and avoids inquiries from FinCEN.
Conclusion
Facing an inquiry from FinCEN regarding your BOI filings can be a stressful and costly experience for any business. However, with the right support and protection, you can navigate these challenges and avoid the financial penalties associated with non-compliance.
At Henry Kulik CPA and Ash CPA, our $1,000,000 BOI Filing Defense plan offers comprehensive protection for businesses facing BOI inquiries. With expert guidance, financial resources, and ongoing compliance support, we ensure that your business remains compliant and protected from penalties.