BOI Reporting Requirements in Glendale, AZ
In addition to tax preparation, Empire Bookkeeping & Taxes is here to help Arizona business owners navigate the new beneficial ownership information reporting (BOI) rules that have come into effect as of January 1st, 2024. As this reporting requirement affects millions of small businesses, it’s crucial for both entrepreneurs and business owners to understand what BOI reporting is and how it can impact their business.
What is Beneficial Ownership Information Reporting?
Beneficial Ownership Information (BOI) reporting requires businesses to provide detailed information on their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Department of Treasury. Beneficial owners are individuals who own or control at least 25% of a business’s equity interest or have significant managerial control over the company. The primary purpose of BOI reporting is to enhance transparency and prevent money laundering, fraud, and other illicit activities. By collecting information on beneficial owners, the government aims to create a more robust anti-money laundering framework and strengthen national security.
How Does it Affect Businesses?
Starting January 1st, 2024, all businesses, including partnerships, corporations, and limited liability companies (LLCs), are required to file a BOI report with FinCEN. This reporting must be completed by January 1st, 2025. Failure to comply with the BOI reporting can have severe consequences for businesses, and non-compliance can result in both civil and criminal penalties. According to federal regulations, a failure to comply can subject a company and the individuals responsible for the non-compliance to civil penalties of up to $500 for each day the violation continues. Additionally, criminal penalties can include up to two years imprisonment and a fine of up to $10,000. Potential violations one can be charged with include, but are not limited to: willfully failing to file a beneficial ownership information report; willfully filing false beneficial ownership information; and willfully failing to correct or update previously reported beneficial ownership information.
How Can Empire Bookkeeping & Taxes Assist You?
At Empire Bookkeeping & Taxes, we understand the challenges faced by business owners when it comes to complying with federal bookkeeping and reporting requirements. With this in mind, our expert team is well-versed in every aspect of these new BOI reporting rules and can provide the necessary assistance to ensure your business is in full compliance.
Our services include:
1. BOI Report Filing: We will help you gather the required information and accurately complete and file the BOI report with FinCEN. By partnering with us, you can avoid the risk of penalties resulting from incomplete or incorrect reporting.
2. Expert Guidance: Our knowledgeable professionals will guide you through the BOI reporting process, answering any questions you may have and addressing your concerns. We are committed to providing personalized attention and support to ensure a smooth and stress-free experience.
3. Compliance Review: As regulations change and evolve over time, it can be challenging to stay up-to-date with the latest requirements. That’s why we offer comprehensive compliance review services to ensure your business meets all federal reporting obligations, including BOI reporting. Our proactive approach helps you avoid penalties and maintain compliance.
4. Ongoing Support: At Empire Bookkeeping & Taxes, we are not just here to assist with one-time filing requirements. We offer ongoing support to handle your business’s bookkeeping and tax needs year-round. Our goal is to be your trusted partner for all financial matters, providing peace of mind and allowing you to focus on growing your business.
Contact Empire Bookkeeping & Taxes Today
Navigating these new BOI reporting rules can be complex and time-consuming, especially for small business owners. So trust in Empire Bookkeeping & Taxes as your reliable resource to guide you through this process. With our expertise, you can ensure your business remains compliant with federal requirements and avoids costly penalties.
To learn more about our BOI reporting services or to schedule a consultation, feel free to contact us at any time. We’re here to assist you each and every step of the way, helping your business thrive in Fort Lauderdale, FL, and beyond.