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Companies formed in 2024 must report within 90 DAYS of incorporation.
Companies formed before 2024 must report by JAN 1, 2025.
CORPORATE TRANSPARENCY ACT
BENEFICIAL OWNERSHIP INFORMATION REPORT
NEW FOR 2024:
Under the new Corporate Transparency Act, The U.S. Treasury Department requires all small business entities formed before 2024 to file a Beneficial Owner Information report by JAN 1, 2025.
Businesses formed in 2024 have 90 DAYS from date of incorporation to file.
In general, this requirement applies to every small business with:
1. Fewer than 21 full-time employees or
2. Less than $5 million in annual revenue
PENALTIES FOR FAILING TO REPORT OR SUBMITTING INCORRECT INFORMATION
-
CIVIL FINES OF $500 PER DAY, STARTING JAN 2, 2025
-
CRIMINAL PENALTIES OF UP TO $10,000
-
UP TO 2 YEARS IN PRISON
Don't risk it on your own.
For less than one day's penalty, we will assess and file your BOI report for you.
Am I Required to File? Assessment
$39
We will assess your unique situation and advise if any of the 23 exceptions apply.
If we determine that you must file a BOI report, we will notify you and, if you agree, we will file for you for an add-on fee of $335.
If a detailed attorney review of company agreements, contracts, or other information is recommended and you approve, additional fees may apply.
BEST
VALUE
Assess and File My Report
from $349
We prepare and file your BOI report, checking for possible exemptions along the way.
Each entity with unique ownership is $349.
Additional entities with duplicate ownership structures* are $99.
If a detailed attorney review of company agreements, contracts, or other information is recommended and you approve, additional fees may apply.
*Entities with “duplicate ownership structures” are additional entities with the same set of owners as the first entity. For example, 4 entities that all have the same owners would be 1 unique ownership entity and 3 duplicate ownership entities.
Do You Have to Report?
All business entities in the US must report their beneficial owner information unless they fit one of the 23 exceptions below.
This INCLUDES all individual subsidiary and affiliate companies of a reporting company.
BOI reporting requirements do NOT apply to sole proprietors or other businesses that are not registered with a state or recognized Indian tribe in the U.S.
This requirement applies to all “small businesses” – i.e. all entities that employ less than 21 full time employees in the US and that earn less than $5 million in annual gross revenues (individually or on a consolidated basis).
Businesses that fit one of the following 23 exceptions are exempt from the BOI reporting requirement. Each exception is subject to additional detailed criteria.
BOI Reporting Exemptions
Inactive Entities
Large Operating Companies
Securities Reporting Issuers
Governmental Authorities
Banks
Credit Unions
Depository Institution Holding Companies
Money Service Businesses
Brokers or Dealers in Securities
Other Exchange Act Registered Entities
Securities Exchanges and Clearing Agencies
Investment Companies or Investment Advisers
Insurance Companies
State-licensed Insurance Producers
Commodity Excahnge Act Registered Entities
Accounting Firms
Public Utilities
Financial Market Utilities
U.S. Pooled Investment Vehicles
Tax-Exempt Entities
Entity Assisting a Tax-Exempt Entity
Subsidiary of Certain Exempt Entities
Venture Capital Fund Advisers
The information on this website is general in nature. It is not intended to be and is not legal advice. Please consult an attorney regarding your individual situation. No attorney-client relationship is formed merely because you contact us. Please do not send confidential information to us until we formally establish an attorney-client relationship with you.