What is Beneficial Ownership Information Report (BOIR)
It is a new reporting request introduced by the Corporate Transparency Act (CTA), passed by Congress in 2021. The goal of this report is the business transparency – making sure the US Department of Treasury knows who really is behind each of the US businesses. Its purpose is to avoid financial crimes, money laundering, and other illegal activities. 
The report has to be submitted only once, unless there are changes to the ownership. 
 
When to file? 
Each existing business (opened before January 1, 2024) is required to file the BOIR by the end of this year – December 31, 2024. 
 
Penalties for Non-Compliance: 
Please take this matter seriously, because the Civil fines of up to $500 each day and criminal fines of up to $10,000 and two years in jail are the possible outcomes of breaking the Corporate Transparency Act's BOI reporting requirements. 

 

If you need help with filing, please call us at 773 777 1040 so we can take care of it for you.

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With regards,

Biz Inc