Why BOI reporting Matters & why you should care!
If you have already filed your BOI report with the Financial Crimes Enforcement Network (FinCEN), you can ignore this reminder.
As a small business owner, you’re no stranger to balancing responsibilities, but Beneficial Ownership Information (BOI) reporting is one obligation that deserves your attention. With the December 31, 2024 deadline approaching, BOI reporting is a requirement that promotes transparency and helps curb financial crimes. For many, though, it feels like just another layer of red tape.
Let’s explore why it’s essential—and how Schwartz & Associates can simplify the process for you.
What is BOI Reporting?
BOI reporting is part of the Corporate Transparency Act, designed to identify individuals who own or control 25% or more of a business. This requires disclosing specific details, such as names, addresses, and dates of birth of owners or controllers. While the goal is to increase transparency, the requirements can be complex and easy to overlook. This is where we can help streamline the process.
Why BOI Reporting is Critical for Small Businesses
Over 99% of U.S. small businesses must file BOI reports, and the penalties for missing deadlines are harsh—up to $500 per day and even potential criminal charges. If you’re operating as an LLC, corporation, or similar entity, compliance is mandatory, not optional.
Staying Up-to-Date with BOI Changes
BOI reporting isn’t a “set it and forget it” process. Any ownership changes must be reported within 30 days. Missing this deadline can lead to costly fines, and because FinCEN doesn’t issue reminders, staying compliant requires ongoing attention.
Filing Your BOI Report
Here are your options for fulfilling BOI reporting requirements:
- File Yourself: You can submit your report online at FinCEN's BOI Filing website.
- Hire a Professional: Engaging a firm like ours or a legal professional can help ensure accuracy and ease the administrative burden.
There are several tutorial videos on YouTube that guide you through the process if you prefer to file yourself.
Don’t Let BOI Reporting Slip Through the Cracks
BOI reporting is an important obligation, but it doesn’t have to overwhelm you. Let Schwartz & Associates take the burden off your shoulders so you can focus on what truly matters—growing your business. Reach out today to see how we can support your BOI compliance needs.
Let us take the burden off your shoulders so you can focus on what really matters—growing your business.
Contact Schwartz & Associates today to learn how we can help keep your business protected and compliant!
