URGENT: File Your Beneficial Ownership Information Report Before the Federal Deadline AVOID PENALTIES UP TO $591/DAY IN CIVIL FINES

Beneficial Ownership Information Report:

What Businesses Need to Know

Let Mitchell & Associates guide you through the new federal requirements and help you stay compliant.

AVOID PENALTIES: Up to $591/day in Civil Fines

As a business owner, it's critical to stay on top of the new federal requirements under the Corporate Transparency Act (CTA). The U.S. government now mandates that businesses file a Beneficial Ownership Information Report (BOIR) with the Financial Crimes Enforcement Network (FinCEN). Failure to do so could lead to hefty civil penalties and even criminal charges.

What is the Beneficial Ownership Information Report?

The Beneficial Ownership Information Report (BOIR) is a filing required by the federal government to identify and document the individuals who own or control at least 25% of a company or exercise substantial control over it. This information helps authorities combat financial crimes like money laundering, tax fraud, and other illicit activities.

Who Needs to File?

Every company registered in the U.S., including limited liability companies (LLCs), corporations, and certain partnerships, must file a BOIR within 90 days of formation. Even if your company was established years ago, there is a deadline of January 1, 2025, for existing businesses. Newly formed companies in 2024 must file within 90 days of their formation.

Avoid Severe Penalties for Non-Compliance

Failing to file the BOIR on time or submitting incomplete or incorrect information could result in fines up to $10,000 or imprisonment for up to two years. Civil penalties for non-compliance can reach $591 per day until the report is filed correctly. Don't risk these significant penalties—Mitchell & Associates can guide you through the process and ensure your filing is done accurately and on time.

Why is Filing Important?

The CTA aims to increase transparency around business ownership, helping the government fight financial crimes. As a business owner, you’re responsible for ensuring compliance. The BOIR provides key information about the individuals who influence or control the company. The following individuals must be included:

  • Owners with at least 25% interest in the company

  • Key decision-makers (senior officers, executives)

  • Anyone with substantial control over the company’s operations or governance

Your Trusted Partner for Compliance

At Mitchell & Associates, we understand the complexities of the new federal requirements. Our experienced accounting and compliance experts can assist you in navigating the new rules, ensuring that your business meets all the deadlines and reporting standards.

Here’s how we help:

PERSONALIZED REPORTING GUIDANCE

We’ll help you gather the necessary information about your beneficial owners and make sure it meets all the federal requirements.

ACCURATE & TIMELY FILING

We’ll ensure that your BOIR is filed correctly with FinCEN, avoiding the risk of penalties for incomplete or late submissions.

ONGOING SUPPORT

Our team will keep you informed of any future reporting updates or changes to the law, ensuring continued compliance as your business evolves.

What Information is Required?

To file your BOIR, you will need to provide:

  • Legal names of the beneficial owners

  • Dates of birth

  • Residential or business addresses

  • Passport or driver's license information

  • Information about individuals involved in company formation (for new companies)

Not sure what to gather? Let our experts guide you!

  • How We Help You File Your BOIR in 3 Easy Steps

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WHAT HAPPENS IF YOU DON’T FILE?

Severe Penalties for Non-Compliance

If you don’t file your Beneficial Ownership Information Report (BOIR) by the federal deadline, your business could face severe consequences. Here’s what happens:

  1. Civil Penalties

    You may be fined up to $591 per day for every day your report is late. These fines can add up quickly, resulting in a significant financial burden for your business.

  2. Criminal Penalties

    Non-compliance can also lead to criminal penalties, including fines of up to $10,000 or imprisonment for up to two years. These penalties apply if your failure to file is deemed willful or intentional.

  3. Risk of Future Legal Action

    Not filing correctly or on time could expose your business to further legal scrutiny, increasing your risks of audits or additional government oversight.

  4. Reputational Damage

    Failing to comply with federal regulations can harm your business’s reputation, making it harder to build trust with clients, partners, or investors.

To avoid these risks, it’s crucial to file your BOIR accurately and on time. Mitchell & Associates can help you ensure compliance and protect your business from these penalties.

Who Is Exempt?

While most businesses must comply with this requirement, some entities may be exempt, including:

  • Publicly traded companies

  • Nonprofit organizations with tax-exempt status

  • Large operating companies meeting specific criteria

Our team can help you determine if your business qualifies for an exemption.

Get Ahead of the Deadline

Mitchell & Associates is here to support your business through this new regulatory landscape. With our expert advice, you can file your Beneficial Ownership Information Report confidently, avoiding the risk of costly penalties and legal complications.

Don't wait until it's too late. The clock is ticking, and non-compliance can lead to severe consequences. Get in touch with Mitchell & Associates to ensure your business remains in good standing with federal regulations. Let us handle the complexity so you can focus on running your business.

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