BOI
REGISTRATION
DONE FOR YOU
$299 | $199
What is the Business Ownership Interest registration?
The US government has a major issue with tax fraud and money laundering. And most of this illegal activity is done using small LLC’s and corporations. In an effort to stop it, the Financial Crimes Enforcement Network created the Corporate Transparency Act. This act requires all small businesses that don’t meet certain exceptions to file a Business Ownership Interest report with FINCEN.
Who Has To File?
If you have a business registered with the state, whether as an LLC or corporation, and you do not meet all of the following criteria, you likely need to register a BOI report:
Employ more than 20 full-time employees in the United States.
1
Have an operating presence at a physical address within the United States.
2
File a federal income tax or information return in the United States for the previous year demonstrating more than $5M in gross receipts or sales. This excludes gross receipts or sales from sources outside the United States.
3
Certain industries are also exempt. You can find the full list of exempt industries here.
Who is considered a Beneficial Owner?
There are two ways to meet the standard of beneficial owner:
Owner 25 percent or more of the company.
Exercise substantial control of the compan
An individual is considered as exercising substantial control if any of the following four criteria are true:
The individual is a senior officer;
The individual has the authority to appoint or remove certain officers or a majority of directors of the reporting company;
The individual is an important decision-maker; or
The individual has any other form of substantial control over the reporting company.
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A Benefial Ownership Interest report simply lists all the beneficial owners who meet one of the two criteria above. You will need to list their personal information and provide a photo ID for each.
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For companies that existed prior to 2024, they must file no later than 12/31/2024. For companies formed in 2024 or later, they must file within 90 days of registering the company.
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Late filing can result in a penalty of up to $500 per day, with a max penalty of $10,000 and up to two years in prison.
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No, this is a one time registration. However, if there are changes in the business address or any changes with the beneficial owners, the registration must be updated within 30 days of the change occurring.
About Our Services:
We will file your BOI registration plus any changes needed during the current calendar year for $199. This will include up to three beneficial owners, with any additional beneficial owners adding $50 per person. If you need additional entities registered they can be done for $99 per entity for up to three beneficial owners
About Me
Josh is a CPA, the founder of CPA On Fire and Co-Founder of The Prestige Journal. He is also an active real estate investor and agent in the Columbus, OH area. Josh is the author of the best selling book The Accounting Quickstart Guide and when he’s not thinking about real estate or taxes he can usually be found on the Pickle Ball courts.