The Beneficial Ownership Information (BOI) reporting requirements are designed to provide transparency and accountability for businesses in the U.S. As part of the Corporate Transparency Act, entities are now obligated to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Failing to comply can result in severe penalties, but navigating these regulations can be complex and time-consuming.
At Lumin Financial Services, we help businesses stay compliant with all BOI reporting requirements, ensuring that you meet deadlines and provide accurate information without the stress of managing the process alone.
What is BOI Reporting?
BOI Reporting requires entities to disclose the personal details of the individuals who own or control the company, referred to as beneficial owners. This includes:
- Individuals with substantial ownership interests or control over the entity
- Detailed information such as full name, address, date of birth, and government-issued ID
- Changes in ownership or control must be updated regularly
BOI reporting applies to many types of businesses, including LLCs, corporations, and partnerships, both newly formed and existing entities. FinCEN uses this information to prevent money laundering, terrorism financing, and other financial crimes.
How We Can Help You With BOI Reporting
Navigating the complexities of BOI reporting requires careful attention to detail and timely action. Canopy Accounting and Tax offers comprehensive services to assist you in filing and maintaining compliance with the Corporate Transparency Act. Here’s how we can support your business:
- Initial BOI Filing Assistance - We guide you through the initial reporting process, ensuring that all beneficial owners are accurately identified and properly disclosed. Our team will handle the preparation and submission of all necessary forms to FinCEN, giving you peace of mind that your business is in full compliance from the start.
- Review & Verification of Beneficial Owners - If you’re unsure who qualifies as a beneficial owner under the law, we provide expert analysis to identify and verify the individuals who need to be reported. We’ll help you avoid costly mistakes by ensuring that your filings are complete and accurate.
- Updating & Amending BOI Information - If your company undergoes changes in ownership or control, we assist in updating your BOI filings with FinCEN to reflect these modifications. Keeping your BOI information current is critical to avoiding penalties, and our team ensures that all updates are submitted promptly and correctly.
- Compliance Monitoring & Ongoing Support - BOI reporting doesn’t end after the initial filing. We offer ongoing monitoring services to ensure your business remains compliant as new reporting requirements or changes in the law arise. Whether it’s answering questions about future filings or reminding you of upcoming deadlines, we provide year-round support to keep you on track.
- Penalty Prevention & Mitigation - Failing to file or submitting incorrect BOI reports can lead to severe fines and penalties, potentially damaging your business’s reputation and financial standing. Our team works diligently to prevent these issues by ensuring every report is submitted accurately and on time. If any discrepancies are found or corrective actions are needed, we act swiftly to mitigate potential penalties.
- Tailored BOI Reporting for Different Entity Types - Whether you operate a small LLC, a partnership, or a larger corporation, we tailor our BOI reporting services to your specific business structure. We ensure that your filings reflect the ownership and control details relevant to your entity type, making compliance as seamless as possible.
Why choose Lumin Financial Services for BOI Reporting?
- Expert Knowledge - Our team stays updated on the latest BOI reporting regulations and compliance standards, so you don’t have to worry about missing important details.
- Hassle-Free Process - We handle the entire process, from identifying beneficial owners to submitting the required reports, ensuring you remain compliant without the administrative burden.
- Year-Round Service - Whether you need help with initial filings or ongoing compliance, we’re here to assist you throughout the year.
- Accurate, On-Time Filings - With our diligent attention to detail, we ensure that your BOI filings are accurate and submitted on time, reducing the risk of penalties.
- Customized Support - We provide tailored services based on your unique business needs, offering personalized support that fits your specific entity structure and reporting requirements.
Stay Compliant & Focus on What Matters Most
BOI reporting is a critical compliance requirement for many businesses, but it doesn’t have to be a headache. Let Lumin Financial Services manage the details so you can focus on running and growing your business.