Providing Professional Accounting & Tax Preparation Services
Helping keep your business in order!
Providing Professional Accounting & Tax Preparation Services
Helping keep your business in order!
BOI Beneficial Ownership Information
What is BOI about and how does it impact you?
In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them. You can find guidance materials and additional information by visiting www.fincen.gov/boi.
A company is considered a reporting company if a document was filed with the secretary of state or similar office to create or register the entity. Corporations (including S Corporations), LLC's, and other entities formed through the Secretary of State are required to file the BOI.
BOI reports must be filed electronically. FinCen's e-filing portal, available at https://boiefiling.fincen.gov/, provides two methods to submit a report: (1) by filling out a web-based version of the form and submitting it online, or (2) by uploading a completed PDF version of the BOI report. Several third-party service providers may also offer the ability to file the BOI report through their software, most will charge a fee. Filing through FinCen's e-filing portal is free! The person who submits the BOI report will need to provide their name and email address to FinCEN.
Unfortunately, this is NOT something we can just do for you. We can provide you with "technical assistance" with the software if needed and advise you on outsourcing options. The important issue is that you get this filed immediately to avoid the severe penalties!
Important Filing Dates related to BOI
For existing companies created or registered before 2024, the initial report is due by January 1, 2025. For reporting companies created or registered in 2024, the initial report is due 90 days after the entity's creation or registration. For reporting companies created or registered after 2024, the initial report is due 30 days after the entity's creation or registration.
If there is a change to previously reported information about the reporting company or its beneficial owners, an updated report must be filed within 30 days of the change. A change could be as simple as a change in the address, last name of a beneficial owner, or any change whatsoever in the information reported. It is imperative that your company implement a system to identify reportable changes and file an updated report with FinCEN in a timely manner. The penalties for willfully failing to file both initial and updated reports are steep - $500 per day that the report is late, up to $10,000 and imprisonment for up to two years.
About Us
SEMBCO, INC.
PLATINUM LEVEL QUICKBOOKS PROADVISOR
PLATINUM LEVEL QUICKBOOKS PROADVISOR
Approved IRS E-File Provider
Annual Filing Season Program Participant
Specializing in the needs of self-employed or small business clients.
QuickBooks Proadvisor
Certified in QuickBooks Online.
Desktop, Point of Sale and
Enterprise Solutions.
PLATINUM LEVEL QUICKBOOKS PROADVISOR
PLATINUM LEVEL QUICKBOOKS PROADVISOR
PLATINUM LEVEL QUICKBOOKS PROADVISOR
Do you need assistance getting control of your bookkeeping? Do you need assistance or training working with QuickBooks? We can help you with that! Gives us a call today to schedule an appointment!
About Us
Accounting & Bookkeeping
Accounting & Bookkeeping
Accounting & Bookkeeping
We can replace your back office with accounting, payroll, and bookkeeping support. We also provide training and support to your back office staff. We customize our service to your needs.
Your Taxes, Simplified
Accounting & Bookkeeping
Accounting & Bookkeeping
We’re dedicated to our clients. We are an approved IRS e-file provider and Annual Filing Season Program Participant. We keep current on tax law with continuing education through IRS approved providers. Strategic planning is important to minimize your tax liability.
Your Business is Ours
Accounting & Bookkeeping
Your Business is Ours
We develop strategies for both business and individual clients. We are a small family business, established in 2007. We strive to identify and fill the specific needs of each client. We serve clients across the US as well as abroad. Our job is to take care of the paperwork so you can focus on generating revenue! We are here to guide you throughout the year.