BOI STANDARDS FOR WORK

 BOI: DO YOU MEET FINCEN STANDARDS?

    Are you aware of BOI standards? The Beneficial Ownership Information report is a document about the "true" owners or controllers of a firm. FinCEN is the organization in charge of enforcing financial regulation, and to better do this, they have redefined the standards for reporting. Companies must now name the beneficial owners of a firm, or else face legal repercussions.

    These regulations have been in effect since the beginning of 2024. However, there is a grace period involved for most companies. If your firm was created before 2024, then you will have up until January 1, 2025 to report BOI. If your company was created between Jan 1, 2024 and Jan 1 2025, then you must report 90 calendar days after you receive a notice that your firm registration is effective. If your company was created after Jan 1, 2025, then you must file 30 days after you receive a notice about your your firm creation going through. And naturally, you have 30 days to update any changes in the information you put into your BOI report.

    Many people may feel stressed or worried about this change. However, we at 200GFS can help you with anything you may need. Call us today and we will walk you through the entire process. Make an appointment today and feel secure in your firm's future.

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