Beneficial Ownership Information Filing (BOI)
helping you navigate the mandatory business requirements for the fincen beneficial ownership information (boi)
FinCEN BOI reporting is a mandatory business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government’s efforts to combat money laundering, terrorist financing, and other financial crimes.
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How We Help
BGM has a specialized team designed to assist Business Owners in filing and updating Business Owner’s BOI filing. Our specially designated team will use a specialized web platform to make this process easy for you. We utilize a secure and seamless process to collect the necessary information and help complete your FinCEN report.
Once your initial report for any of your companies is filed, FinCEN requires filing an updated report after your initial report within 30 days of any update to the company or a beneficial owner to avoid penalties of $579 per day up to $10,000.
We are offering a monthly compliance email reminder for a low annual fee. Emails will go to the company and each BOI. Also, we will send an email to each BOI person when their ID used is expiring.
Common updates to a company or beneficial owner include:
- A beneficial owner changing their primary residential address.
- An ID document used on a report has expired.
- Using a new DBA name for your business.
- Changing your business office address or the address you primarily work from.
- Adding or removing an owner with 25% ownership or substantial control.
- Qualifying for a new exemption.
- Hiring a new CEO, CFO, COO, LLC Manager, or similar senior management member with substantial control.
- Adding or removing a director on the board with substantial control.
The BGM Benefit
At BGM, we believe in going beyond the traditional role of accountant and tax advisor. You’ll be assigned a dedicated team and can expect to experience a hands-on approach from your financial professionals. Plus, you’ll receive timely and proactive advice and solutions. It’s this high level of personalized service that keeps our accounting and advisory firm leading the way.
connect with an advisor
We offer a complimentary initial consultation to discuss your needs. Reach out to learn more or to schedule a meeting to get started.
