12/07/2024
If anyone is in need of assistance filing their BOIR, for their business, Covered Wagon Financial Services,LLC can assist with this.
Did you know...
Beginning January 1, 2024, the federal Corporate Transparency Act (CTA) requires certain types of entities to file a beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of Treasury.
Important facts:
What is the Beneficial Ownership Information Report (BOIR)?
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It's designed to increase transparency in business ownership and help combat financial crimes.
Key Points About the BOIR:
- Required by the Financial Crimes Enforcement Network (FinCEN) Applies to most U.S. businesses
- Deadline for filing is January 1st, 2025
- Failure to file can result in penalties of up to $592 per day
What Information is Reported?
The BOIR requires businesses to report details about their beneficial owners, including:
Full legal name
Date of birth
Current residential or business address
Unique identifying number (e.g., passport or driver's license number)
Why is the BOIR Important?
The BOIR helps:
- Prevent money laundering and other financial crimes
- Improve corporate accountability
- Assist law enforcement in investigations
If you need assistance with your business filing, please reach out to us at 915-274-3487.
