**UPDATE** BOI Filing is no longer required due to injunction. December 14, 2024

Why File a Beneficial Ownership Information (BOI) Report? 

As of January 1, 2024, certain businesses must file a BOI report with FinCEN (Financial Crimes Enforcement Network). This new requirement, part of the Corporate Transparency Act (CTA), is designed to prevent fraud, protect our financial system, and promote transparency. 

 What is BOI?
A BOI report identifies the individuals who directly or indirectly own or control your business. By sharing this information, businesses help prevent bad actors from misusing corporate structures for illegal purposes.

 Why It’s Important:

 Stay Compliant: Non-compliance can result in severe penalties, including fines of up to $500 per day until the issue is resolved and possible criminal penalties of up to $10,000 and/or 2 years in prison.

 Enhance Transparency: Builds trust in your business.

 Support Legal Protections: Helps fight financial crimes like money laundering and tax evasion.

Not sure if this applies to your business? Reach out to us! At Family Balanced Bookkeeping, we’re here to ensure your books and compliance are in order so you can focus on growing your business.