Understanding the Beneficial Ownership Information (BOI) Requirement
In 2024, new federal regulations impacting 97% of U.S. businesses will require them to file a Beneficial Ownership Information (BOI) report. This requirement stems from the Corporate Transparency Act (CTA) of 2021, which was created to increase financial transparency and combat financial crime. Failure to comply can result in severe penalties, including substantial fines, civil lawsuits, and even imprisonment.
Who Needs to File and When?
According to the Financial Crimes Enforcement Network (FinCEN), companies must meet the following deadlines:
- Companies created before January 1, 2024 → The BOI report must be submitted by March 21, 2025.
- Companies created in 2024 → Submission is mandatory within 90 days after creation or until March 21, 2025, whichever is later.
- Companies created from 2025 onwards → Submission must occur within 30 days after creation.
For official details, visit the FinCEN website:: BOI Filing Requirements..
How Stravys Can Help You Stay Compliant
Stravys offers expert support to ensure your business meets all legal requirements without hassle. Our team assists you in:
✔ Determine whether your company is subject to the new BOI rule.
✔ Gather and prepare all necessary documentation for submission.
✔ Submit the BOI report on your behalf, ensuring compliance with federal regulations.
✔ Avoid fines and penalties, keeping your company regularized.
Don’t Risk Non-Compliance – Act Now!
With strict deadlines and heavy penalties for non-compliance, it is crucial to act promptly. Stravys ensures that your business meets all BOI reporting obligations efficiently and accurately. Contact us today for personalized support in navigating this critical regulatory requirement.
Stay ahead of compliance – Stravys is here to help!
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