Work regulations are always changing year to year, so it is important to keep up. All companies must now report on their primary beneficiaries. As such, the Beneficial Ownership Information Report must now be reported on every year. This year alone, companies will either have 90 days to file their report if they opened after Jan. 1, 2024, otherwise they have until the first day of the year 2025 to file. Afterwards, the BOIR will have to be reported 30 days from enterprise creation.
A company that fails to file their BOIR can expect consequences. After 90 days to solve a violation, if the company fails to solve the problem they can be charged $500 per day that the violation is not resolved. This is also adjusted for inflation, so it will keep up with rising prices. In addition, purposely filling false information within the BOIR could result in 2 years in prison and a fine of $10,000. As you can see, the offices of FinCEN are taking this matter rather seriously.
We at 200GFS understand the anxiety that can come from this sort of things. Let us worry about the filing so you can get to what your business actually does. Don't let government regulation get in the way of your firm. Call us today for BOIR filling and other services.
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