Introducing Greenbooks CPA Beneficial Ownership Reporting Services
Are you aware of the new legal obligations affecting the majority of businesses in the US, including those in cannabis? As of this year, LLCs and corporations must comply with the latest regulatory requirements by submitting beneficial ownership reporting information (BOIR) before 12/31/2024.
What is Beneficial Ownership Reporting Information (BOIR)?
Beneficial ownership reporting information, as defined by the Financial Crimes Network (FinCEN), involves identifying details about individuals (i.e. name, address, date of birth, drivers license or passport) who directly or indirectly own or control a company.
Why Act Now?
In response to increasing financial crimes, Congress passed the Corporate Transparency Act in 2021. This law mandates a new beneficial ownership information reporting requirement, aiming to enhance transparency and accountability in corporate structures.
How Can Greenbooks CPA Help?
Navigating the Beneficial Ownership Information Reporting process can be complex. At Greenbooks CPA, we specialize in simplifying this process for you. Our experts understand the intricacies of BOIR reporting requirements and how they apply to your business. We take the burden off your shoulders by guiding you through every step and handling the entire BOIR filing process on your behalf.
Do You Need to File?
Determining if BOIR requirements apply to your business can be challenging. Domestic reporting companies, including corporations and limited liability companies, are among those mandated to file. However, there are exceptions. Let us help you navigate through the complexities and ensure compliance.
What happens if I don’t file?
Business owners that fail to file a BOIR may be subject to penalties including $500 per day for each violation, a fine up to $10,000, and jail time up to two years.
When to Report?
Timelines for reporting vary based on your company's creation or registration dates. Don't wait until the last minute—act promptly to avoid penalties and ensure timely compliance.
Why Greenbooks CPA?
With Greenbooks CPA, you gain a trusted partner committed to your compliance needs. We offer efficient and reliable services to ensure your BOIR reporting obligations are met seamlessly.
Act now to safeguard your business's integrity and reputation. Contact Greenbooks CPA today to learn more about our Beneficial Ownership Reporting services in a free 15-minute consultation. Compliance is made simple with Greenbooks CPA.