Expert BOI Reporting under the CTA (Corporate Transparency Act)
At HIGHBORN CPA, we understand the importance of accurate and timely BOI reporting for safeguarding your business’s reputation and avoiding costly civil penalties (up to $500/day) and criminal fines and penalties for willful non-compliance.
Beneficial Owner Information
BOI Guide:
Beneficial Ownership Information (BOI) reporting is a crucial regulatory requirement designed to enhance transparency and combat financial crimes like money laundering and tax evasion. It requires entities to disclose key details about individuals who have significant control or ownership of the business.
Yes, officers such as the Chief Executive Officer (CEO), Chief Financial Officer (CFO), Chief Operating Officer (COO), President, or Managing Director can be considered Beneficial Owners if they meet certain criteria. Under BOI reporting requirements, any individual who exercises substantial control over the company, such as making key decisions or holding significant ownership interest, can be classified as a Beneficial Owner. It’s crucial to carefully assess each officer's role to determine their reporting obligations.
BOI reporting is a key component of regulatory compliance that helps authorities identify the true owners of businesses. This transparency is vital for maintaining the integrity of the financial system and ensuring that all businesses operate within the bounds of the law. Failure to comply with BOI reporting requirements can lead to severe penalties, including substantial daily fines and, in some cases, criminal charges.
Non-compliance with BOI reporting requirements is not something to take lightly. The penalties can be severe:
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Civil Penalties: Up to $500 per day for each day a required report is not filed or is filed inaccurately.
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Criminal Penalties: In cases of willful non-compliance, individuals can face criminal fines and up to two years of imprisonment.
These penalties underscore the importance of understanding and adhering to BOI reporting requirements.
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WHO WE ARE
Why choose HIGHBORN CPA
01
Quality
With years of experience in regulatory compliance and financial services, HIGHBORN CPA has the deep knowledge and expertise required to guide your business through the intricacies of BOI reporting. Our team stays up-to-date with the latest regulations, ensuring that your reports are accurate, timely, and fully compliant.
02
Partnership
We view ourselves as proactive partners in your business, offering practical solutions and insights beyond our immediate tasks to support your financial growth. If we identify any areas needing attention, even those unrelated to our direct services, we will provide recommendations to help you succeed
03
Availability
We are committed to being accessible whenever you need us, including during emergencies and weekends. You won’t have to wait weeks to get in touch with our partners and staff; we ensure prompt communication and support whenever required.
04
Holistic Approach
We develop integrated strategies that optimize financial operations, enhance savings, and mitigate risks, fostering long-term business growth and stability. Our comprehensive approach covers all aspects of financial management, providing a complete solution that supports your business's overall health and success.
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What industries do you serve?We have a vast array of expertise and serve multiple industries, including, but not limited to: Real Estate, AEC, Energy, Manufacturing, Retail, Non-Profit, Franchises.
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How do you support Business Owners?We provide a comprehensive suite of services, with the same team and familiar faces. We provide Bookkeeping, Tax Return Filing, Financial Statement Preparation, Tax Strategies, but also Business Registration, DBA, Compliance Filing, Virtual Mail & Office. You ask and we can provide or recommend someone who can provide better. Most times we advise you on additional services needed.
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What is your process beginning to end?We complete the Bookkeeping for all your business on a monthly basis, which flow into your Tax Returns, which we file timely with the IRS. We then prepare and file your individual Tax Returns. Once we have a good understanding of all your affairs, we develop Tax Strategies to ensure minimum payment to Uncle Sam. We also advise you on the intricacies of these strategies. Usually, more aggressive strategies imply added risk, so we gauge your appetite for potential IRS audits, combining time and $ spent on compliance.
FAQ
Your questions, answered