Understanding a new law that carries civil and criminal penalties, including imprisonment and fines, can be daunting. Eliminate the worry and risk of meeting this requirement with our easy and accurate report filing.
Welcome to Simplified Business Solutions, Your BOI Report Experts in Waxahachie
Get compliant
Satisfy the Corporate Transparency Act requirement with our help. We’ll file the information about the individuals who own or control your business with the Financial Crimes Enforcement Network (FinCEN).
Make things easier
Save time sifting through the complexities of a new federal law with our fast and easy report filing. We’ll ensure your filing meets all the requirements of the Corporate Transparency Act.
File with confidence
Get peace of mind with our accurate, compliant filing. You can be sure that we’ll include all information required by FinCEN and the new law. Plus, you’ll receive confirmation upon completion of the report.
What is Beneficial Ownership Information Reporting?
You are required to file identifying information about the individuals who directly or indirectly own or control your company with the Financial Crimes Enforcement Network in order to satisfy requirements under the Corporate Transparency Act.
The Beneficial Ownership Information Reporting Rule goes into effect Jan. 1, 2024, and it’s important to understand this new law given the severity of criminal and civil penalties for failure to file, which include imprisonment and fines.
What is the Beneficial Ownership Information Reporting Rule?
The Beneficial Ownership Information Reporting Rule under the Corporate Transparency Act is a new filing requirement of the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Department of the Treasury.
The rule creates transparency around company ownership structures and helps the federal government prevent financial crimes and fraud, such as money laundering, corruption, human trafficking, drug trafficking, tax fraud, and fraud against employees, customers, and other businesses.
Beneficial ownership information reporting supports the ongoing focus and efforts of the U.S. government to deter corporations who would hide or benefit from actions that harm others.
What are the penalties for not filing?
Each business is responsible for filing a Beneficial Ownership Information Report which includes all of the individuals who control or own the business. However, a beneficial owner of a business who willfully fails to follow the reporting requirement and filing rules, or who misleads the Financial Crimes Enforcement Network, will face personal liability in the form of both criminal and civil penalties for noncompliance with the Corporate Transparency Act.
Failure to comply can lead to criminal penalties of imprisonment for up to two years and/or a fine of up to $10,000, and a civil penalty of up to $500 per day.
Even if a reporting company files the report on time, penalties can be imposed if the report does not include the correct information. It is critical that the reporting company’s filing is accurate. We can help you ensure accurate filing with a simplified reporting and filing process, satisfying the relevant law.
When does a BOI Report need to be filed?
Get compliant
You are a newly formed company
Your existing company needs to complete its first report before the filing deadline
You need to update information that has previously been reported
You need to correct a mistake on a previously filed report
Your company has recently become exempt from reporting requirements
