A new federal reporting requirement has taken effect this year, mandating that nearly all businesses file a Beneficial Ownership Information (BOI) Report with the U.S. federal government's Financial Crimes Enforcement Network (FinCEN).
Unfortunately, this is not optional. Failing to file this new report can result in:
Civil penalties of up to $591 per day
Fines up to $10,000
Criminal penalties of up to 2 years imprisonment
FinCEN's penalties are serious—think of them like IRS penalties. The consequences of non-compliance are severe, and most companies will need to have this complete before the end of the year.
We do not handle these filings ourselves as we are not experts in this area. Instead, we’ve partnered with Joseph & Bryant*, a firm specializing in BOI filings. Their expertise will ensure you get and stay compliant, as there is a need for ongoing monitoring to comply with the law.
Their fee is $200, far less than the $800–$1,500 charged by others. The following is all included in their service:
Initial BOI filing
Unlimited updates and corrections to your initial report
Notifications to keep you up to date on ongoing filing requirements.
Proactive monitoring for expired information
Follow the steps in this link to order your BOI report and become compliant with federal law (≈10 minutes): BOI Reporting Portal (MSP)
Please don't hesitate to reach out with any questions.
*Molatore Scroggin Peterson and Co LLP will receive $50 of fee to cover administrative costs of facilitating this partnership.
Growing companies and helping clients reach their maximum potential!
We strive to provide the finest tax, accounting, auditing, estate planning, wealth management, and business consulting services.
We strive to provide the finest tax, accounting, auditing, estate planning, wealth management, and business consulting services; to be associated with growing companies and to help each client reach their maximum potential; to contribute to our profession and our community; and to grow, but never lose the local identity and personal relationships with clients that are the foundation of our practice.
