A BOI Reporting Guide for Influential Professionals

Authored By: Brett Leibfried – Partner, CPA

Comprehensive Support for Successful Compliance

Adhering to Beneficial Ownership Information (BOI) reporting is critical for financial compliance. The Corporate Transparency Act (CTA) has introduced new layers of responsibility for organizations, pushing them towards greater accountability in financial reporting and operational transparency.

Featured Topics:

• Comprehensive Support for Successful Compliance
  • Why Partner with MBE for BOI Reporting Requirements?
  • Support Clients’ Success and Compliance
  • Refer Clients to MBE CPAs to Expand Your Services
  • Guiding Your Clients Through Essential Reporting Considerations
• BOI FAQs: What Advisors Should Know
• Deadlines for Filing and Updating Reports
• Final Thoughts

Why Partner with MBE for BOI Reporting Requirements?

The scope of BOI reporting beckons banking, insurance, and business professionals with the opportunity to further cement client relationships. It is pivotal to demonstrate a commitment to clients’ success through a thorough understanding and assistance in compliance. This is where MBE comes into the equation, offering expertise and specialized resources to help with a smooth reporting process.

Support Clients’ Success and Compliance

MBE CPAs stands ready to partner with you as you guide your clients through the complex terrain of BOI reporting. With our focused assistance, you can navigate exemptions, understand intricate requirements, and extend much-needed support in the submission process. Collaborating with us transforms you into a resource powerhouse for your clients, enabling them to handle all aspects of BOI reporting efficiently.

Refer Clients to MBE CPAs to Expand Your Services

Working with MBE CPAs can be a game-changer for accountants and attorneys who are crucial in informing clients about their legal and financial obligations. Accountants leverage their data analysis and financial reporting skills to facilitate accurate disclosures, while attorneys offer the much-needed legal interpretation and compliance strategies to manage risk and lawful operations.

Recognizing the need for specialized filing services, MBE CPAs offers expertise to bridge the service gap often found in accounting and legal practices. This collaboration ushers in a new layer of service that caters to your clientele’s growing compliance demands.

Guiding Your Clients Through Essential Reporting Considerations

BOI FAQs: What Advisors Should Know

As you steer your clients through compliance paths, here’s what you need to keep in mind about BOI reporting:

• Who needs to file? Most U.S. or foreign companies must file a BOI report, barring a few exceptions.
• Who is exempt? There are 23 categories of entities that may not need to file; however, due to changing regulations, it is always wise to consult with legal advisors.
• Who qualifies as a beneficial owner? Any individual with at least a 25% ownership interest or those who have significant control over the company’s decisions.

Deadlines for Filing and Updating Reports

It’s imperative to keep tabs on deadlines for submitting and updating BOI reports:

• Existing Companies (before Jan. 1, 2024): The deadline is January 1, 2025
• New Companies (between Jan. 1 and Dec. 31, 2024): File within 90 days of incorporation
• Companies Established in 2025 Onwards: 30-day window post incorporation

Final Thoughts

Successfully managing BOI reporting obligations entails expertise, access to up-to-date information, and a consistent commitment to compliance standards. By partnering with MBE CPAs, professionals can enhance their service offerings and cement their roles as trusted advisors in the complex world of financial regulation.

Your proactive engagement and our specialized support form a powerful alliance that promotes client success in BOI compliance. Stay informed, be prepared, and together, let’s guide your clients toward smooth and efficient compliance.