Comprehensive Support for BOI Reporting Compliance
Access our specialized resources and expertise to solidify your role as the primary resource and support for your clients in meeting the beneficial ownership information (BOI) reporting requirement.
Webinar
Navigating BOI Compliance: Strategies and Best Practices for Advisors
September 17th 12:00pm - 1:00pm Central Time
Support Clients’ Success and Compliance
As a banker, insurance provider, or business association, you have the chance to enhance client relationships by assisting with BOI reporting, building trust, and demonstrating your dedication to their success and compliance.
You can significantly help by connecting companies with MBE CPAs, who specialize in preparing and submitting BOI reports to FinCEN. We offer guidance from identifying exemptions to understanding reporting requirements and assisting with submissions.
Collaborating with us allows you to offer your clients guidance on handling BOI reporting complexities.
Expand Your Services through MBE CPAs
Accountants and Attorneys
Clients often seek guidance and assistance from accountants and attorneys to understand the legal considerations involved in BOI reporting. Whether you’re an accountant or an attorney, your role is pivotal in helping clients comprehend their obligations, comply with regulatory requirements, and manage legal risks.
Accountants
With your expertise in financial matters, coupled with data analysis and knowledge of reporting stipulations, you are instrumental in facilitating precise BOI disclosures. This includes assisting clients in collecting and arranging the required information, adhering to reporting duties, and promoting financial clarity.
Attorneys
You deliver legal guidance in interpreting the legal infrastructure around BOI reporting, initially focusing on identifying beneficial owners, followed by assessing conformity with pertinent legal and regulatory requirements. Furthermore, your responsibility progresses to educating clients on the potential repercussions of failing to comply, while actively working to safeguard their legal interests.
MBE CPAs recognizes the growing demand for BOI filing services and offers outsourced services to fill this gap. As not all accounting firms and attorneys provide this specialized service, MBE CPAs emerges as a valuable partner for professionals like you, seeking to help clients comply with BOI reporting requirements.
Guiding Your Clients Through
Essential Reporting Considerations
BOI FAQs
As a trusted advisor, you will likely receive inquiries regarding compliance and regulatory obligations. With the Beneficial Ownership Information (BOI) reporting, clients may rely on you to meet this requirement under the Corporate Transparency Act (CTA). Here are key points to keep in mind as you assist your clients:
Who needs to file a BOI report?
Generally speaking, all companies, irrespective of whether they are incorporated under US or foreign law, are obligated to submit a BOI report. However, there are a limited number of exceptions to this requirement, which are outlined by FinCEN.
Which entities are exempt from the requirement?
It’s important for your clients to review whether they fall into one of the 23 categories of entities that may be exempt from the BOI reporting requirements. However, since regulations can change, it’s recommended to consult with a legal advisor to assist with compliance and avoid potential penalties.
Who are beneficial owners?
Beneficial ownership includes individuals with at least a 25% ownership interest. Additionally, it involves those who exert control through key decision-making and independent judgment.
Deadlines for Filing and Updating Reports
Companies established before January 1, 2024, have until January 1, 2025, to submit their reports. Subsequently, companies formed between January 1 and December 31, 2024, must file within 90 days of incorporation. Moving forward, companies established in 2025 and beyond will have a 30-day filing window following incorporation.