As of January 1, 2024, the Corporate Transparency Act (CTA) mandates that certain entities, including many small businesses, report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. This new federal law aims to enhance transparency, financial accountability, and integrity within the business sector.
BOI refers to personal data that identifies individuals who ultimately own or control a company. The purpose of this requirement is to shed light on the true owners of businesses, ensuring that operations are transparent and accountable.
Most corporations, limited liability companies (LLCs), and similar entities must disclose their beneficial owners. Here’s a quick overview:
Navigating BOI requirements can be complex, but you don’t have to do it alone. At Outsourced CFO Solutions, Inc., our team of experienced tax professionals is here to guide you through every step of the process. We offer personalized assistance to ensure your BOI filings are accurate and timely, allowing you to focus on growing your business.
Let us simplify your filing process by breaking down the essentials of BOI for you.
Contact us today for further assistance or fill out this brief questionnaire (less than 2 minutes), and we’ll reach out to you with the next steps.
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