Business Owners:
Have you filed your BOI report yet? Don't miss the deadline!
As of January 1, 2024, the Financial Crimes Enforcement Network (FinCEN) requires businesses to have a new report filed disclosing their Beneficial Ownership Information (BOI).
You may still have time.
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New businesses formed on or after January 1, 2024 must file within 90 days of business formation.
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Existing businesses formed before January 1, 2024, must file before January 1, 2025.
"Non-compliance ... can lead to substantial penalties, including fines ranging from $500 to $10,000 per violation and imprisonment for up to two years."
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Why should you file with us? – Because your time is better spent working on your business.
Fast & Easy
You have more than enough to worry about. Let us handle this for you.
Avoid Penalties
avoid a hefty bill for not filing on time or not filling out the form accurately.
Cost-Effective
Only $69 – even if your business has multiple owners or your report is complicated!
"This new requirement is catching a lot of small business owners off guard because it's outside the normal scope of what they are used to hearing about and required to file in the past. For instance, if you get married and your name changes as a result - you may need to re-file. If an owner makes certain changes in company management, or moved their family to a new home are among just a few of the reporting requirements ... yet another thing piled on top of small businesses to keep track of and comply with ... or risk heavy fines."
– Darin Edwards
President of Propel Small Business Accounting and Compliance
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You don’t pay extra. Period.
You shouldn’t have to start the filing process only to realize you have to pay extra for each owner or a "complicated report."
With Propel, you only pay $69. That’s it.
LegalZoom
FinCen Advisors
CorpNet
H&R Block
Others
DIY
Propel
$149
$99
$99
$99
$99+ (pay extra per owner)
Free, but is it worth the time and headache?
$69 – Multiple owners included. Complicated report? Still $69.
Your filing process, step by step:
1.
Answer a few questions about your business and its beneficial owners
2.
We’ll create the report and file it for you
3.
You’ll receive confirmation from us once we file
Where did this come from?
Since January 1, 2024, certain businesses are required to submit a beneficial ownership information (BOI) report to the Financial Crimes Enforcement Network (FinCEN). This will include:
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The reporting company (your business)
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The company applicant (only required of businesses registered on or after January 1, 2024)
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The reporting company's beneficial owners.
Why? To protect the U.S. financial system from those who commit financial crimes. They want to know who owns what.
Many business owners hate the idea of having one more thing to file... But as long as this reporting requirement remains in effect, you still have to do it.
"I have some questions before I file!"
Let's hear directly from FinCEN themselves:
Is it necessary for my company to disclose its beneficial owners?
Unless falling under specific exemptions, small corporations or LLCs are likely obligated to disclose their beneficial ownership details to FinCEN. The requirement hinges on whether your company had to submit documentation to the state's secretary of state or a similar authority to establish its existence, or for foreign entities, to register for operations in the United States.
Who qualifies as a beneficial owner of my company?
A beneficial owner is defined as any individual exercising significant control over the company or possessing ownership or control of at least 25 percent of its shares.
Are there obligations for my company to disclose its company applicants?
Up to two individuals may qualify as company applicants: the individual directly filing the document establishing or first registering the reporting company, and the person primarily responsible for directing or controlling the filing process. Reporting company applicants is only mandatory if the company was established or registered on or after January 1, 2024.
What specific details does my company need to provide?
A reporting entity must furnish its legal name, any trade name or DBA, address, jurisdiction of formation or initial registration (depending on whether it's domestic or foreign), and Taxpayer Identification Number (TIN). For each beneficial owner and company applicant (if applicable), the company must provide their legal name, birthdate, address (typically a home address), and an identifying number from a driver’s license, passport, or other approved document, along with an image of the document containing the number.
When and how should my company submit its initial report?
Existing companies as of January 1, 2024, must file their initial BOI report by January 1, 2025. For companies created or registered in the U.S. between January 1, 2024, and January 1, 2025, there's a 90-day window from receiving actual or public notice of the effectiveness of their creation or registration. For those created or registered after January 1, 2025, the deadline is 30 calendar days from receiving actual or public notice of their creation or registration effectiveness.
What procedures apply to changes or inaccuracies in reported information?
Your company has 30 days to report any modifications to previously submitted information. The countdown for updates begins upon the occurrence of the relevant change, while for corrections, it initiates upon awareness or reason to know of an inaccuracy in a prior report.