IMPORTANT: We are asking all Pace business clients to opt in or opt out of this service by completing this form to be removed from our contact list due to the severe penalties for non-compliance.
The Corporate Transparency Act
This bill, passed in 2019, requires the disclosure of beneficial owners of a corporation to help prevent money laundering and the financing of terrorism. This act requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners by submitting a Beneficial Ownership Information (BOI) Report to the Financial Crimes Enforcement Network FinCEN, a bureau of the United States Treasury.
A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company.
Reference: https://www.congress.gov/bill/116th-congress/house-bill/2513
Severe Penalties for Non-Compliance
As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues, criminal penalties of up to two years imprisonment, and a fine of up to $10,000.
Deadlines
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January 1, 2025 - If created/registered before Jan 1, 2024
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90 calendar days from creation/registered date - If created/registered on or after Jan 1, 2024
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30 calendar days from creation/registered date - If created/registered on or after Jan 1, 2025
How to File Your BOI Report
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Self-File
Go to https://boiefiling.fincen.gov/ and follow the instructions. You can download and complete a fillable PDF at your own pace and submit it online, or you can complete an online form and submit it.
There is NO FEE to self-file. Find the help and resources links here: https://boiefiling.fincen.gov/help
If you choose to self-file, please fill out the form below and select Opt-Out to be removed from our contact list.
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Use Pace Accounting
Pace Accounting can complete and submit the forms for a fee of $300.00 for up to 4 shareholders. If you want us to file your report, add your name to the form below and select Opt-In. We will contact you in October to complete your filing.