$591 PER DAY IN PENALTIES
$10,000 IN FINES
2 YEARS IN PRISON
Earlier this year we sent you information about a new filing requirement, The Beneficial Ownership Information Report (BOIR). Every business entity is required to report to the Financial Crimes Enforcement Network (FinCEN) information on the ownership or control of a business entity. Any company that files incomplete, missing or misleading information can be assessed with fines and penalties and up to 2 years in prison. Do not wait, file yours today. Here are a couple of sites to help answer your questions and fill out your form. Review the Prepare section before filing so you will know what to expect:
https://fincen.gov/boi-faqs
https://fincen.gov/boi
If you would like assistance with your filing, contact our offices and we can give you an idea of what information will be needed and the costs to get yours filed.
In addition to this initial filing, a new filing is required each time changes are made in the control or ownership of your business.
Remember, this rule applies to any type of business ownership. If you have partners in your business, their information will need to be filed as well.
Don’t wait, file yours today!
