Simpson & Simpson Accounting Special Offer: $200 Initial BOI Report and $125 per Additional Report needing to be filed.
When you are ready to proceed, please click the “BENEFICIAL OWNERSHIP INFORMATION REPORT FORM” link below and email the completed form to [email protected] or call (678) 353-3296 and we will create a secure Dropbox folder to load the completed form.
BENEFICIAL OWNERSHIP INFORMATION REPORT FORM
Failure to file the required reports by the required dates provided could have significant consequences. There are two levels of penalties that you could face, civil and criminal.
Civil Penalties: for each day your report is late, you could be fined up to $591. This is a daily penalty that accumulates quickly, creating a substantial financial burden.
Criminal Penalties: More severe consequences include up to two years of imprisonment and a fine of up to $10,000.
Overview of BOI Reporting
Dear Business Owners:
Simpson & Simpson Accounting LLC would like to inform business owners of a legislation that was passed in 2021 called the Corporate Transparency Act (CTA) on a bipartisan basis. This law was effective on January 1, 2024, and it creates a new beneficial ownership information (BOI) reporting requirement as part of the US Government’s efforts to make it harder for shell companies to hide behind any gains and/or opaque ownership structures, foreign or domestic.
The Financial Crimes Enforcement Network (FinCEN), a Department of Treasury, is requiring all companies and single-member LLCs to file reporting requirements in pursuit of information to the CTA.
FinCEN began accepting beneficial ownership reports pursuant to the CTA on January 1, 2024:
- If your company was created or registered prior to January 1, 2024, you have until January 1, 2025, to report.
- If your company is created or registered in 2024, you must report within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier.
- If your company is created or registered on or after January 1, 2025, you must report within 30 calendar days after receiving actual or public notice that its creation or registration is effective.
- Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 calendar days.
There are 23 qualifying exemptions:
● Securities reporting issuer ● Governmental authority ● Bank ● Credit Union ● Depository institution holding company ● Money services business ● Securities exchanged or clearing agency ● Broker or dealer in securities ● Other Exchange Act registered entity ● Commodity Exchange Act registered entity ● Investment company or investment adviser ● Venture capital fund adviser ● Insurance companies ● State-licensed insurance producer ● Accounting firm ● Public utility ● Financial market utility ● Pooled investment vehicle ● Tax-exempt entity ● Entity assisting a tax-exempt entity ● Large operating company ● Subsidiary of certain exempt entities ● Inactive entity
Here at Simpson & Simpson Accounting LLC, we are ready and prepared to help all LLCs, Corporations and Entities (foreign and domestic) navigate the new reporting requirements and quickly get into compliance and manage ongoing reporting needs. Our advisory services for purposes of filing your initial BOI report will be performed based on our professional judgement as accountants given the facts provided by you (the client) to us to ensure accuracy and completeness of the information and documentation.
We are not attorneys; we will not be responsible for making any legal determinations that may be required or for certifying or opining on your company’s compliance with the CTA
At your service,
Simpson & Simpson Accounting, LLC