Beneficial Ownership Information
File your BOIR with our Expert Accounting Team
At Mitchell & Associates, LLC our expert team ensures accurate and timely filing of your beneficial ownership information, keeping your business compliant with the latest FinCEN regulations. Trust our experienced professionals to navigate the complexities of the new reporting requirements, so you can focus on what you do best—running your business.
File Beneficial Ownership Information for Every Type of Business
Corporations and LLC’s
Small entities with 20 or fewer full-time employees, and with less than $5 million in gross receipts or sales.
Foreign Reporting Companies
Corporations, LLCs, or other entities formed under the law of a foreign country that are registered to do business in any state or tribal jurisdiction by the filing of a document with a secretary of state or similar office.
Domestic Reporting Companies
Corporations, limited liability companies (LLCs), and any other entities created by the filing of a document with a secretary of state or similar office under the law of a state or Indian tribe.
What is Beneficial Ownership?
Beneficial ownership refers to the individuals who ultimately own or control an entity, even if the ownership is exercised through a series of intermediaries or structures. In the context of reporting requirements, a beneficial owner is defined as any individual who:
Exercises substantial control over the entity: This includes individuals who have significant influence over important decisions or operations of the entity, such as executives or board members.
Owns or controls at least 25% of the ownership interests of the entity: This ownership can be direct or indirect, through other entities or arrangements that hide the actual owners.
Some important Information about your BIOR
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The requirement to file BOIRs with FinCEN begins January 1, 2024. Businesses created before this date have until January 1, 2025, to file their initial report. Those created in 2024 must file within 90 days of receiving notice of their creation, while those created after 2024 must file within 30 days
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Over 20 types of entities are exempt from this filing requirement. Exempt entities generally include heavily regulated entities such as banks, credit unions, broker-dealers, and publicly traded companies. If your entity is not in use, you are not required to file.
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You will need the following information from each Beneficial Owner: Full legal name, Date of Birth, Residential or Business Address, and a unique Identifying number from an official Identification document (Drivers license, passport)
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There are significant penalties if you do not file your BIOR in time which may include fines up to 100,000 and up to 2 years in prison
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The primary purpose of these requirements is to enhance transparency and prevent the misuse of anonymous shell companies for money laundering, tax evasion, and other illicit activities.
Commited to your success
Your business deserves the highest level of service and expertise. At Mitchell & Associates, LLC, we understand the complexities of accounting and are dedicated to helping you navigate them with confidence. Here’s why you can trust us to have your best interests at heart:
Deep Tax Expertise and Knowledge:
Our team of seasoned accounting professionals continually updates their knowledge to stay current with the latest financial regulations and standards. This ensures that your accounting practices are always compliant and optimized for maximum benefit, providing you with peace of mind and financial security.
Dedicated Partnership for Financial Success
Your success is our mission. We work closely with you to understand your business and financial objectives, providing comprehensive accounting services and consultation to help you reach them. Our commitment to your success means we are always available to support and guide you through any financial challenges.
Customized Strategies for Unique Needs
Every business has unique challenges and goals. We take the time to understand your specific situation and tailor our accounting strategies accordingly. This personalized approach ensures that your financial goals are prioritized and effectively achieved.
Trust Built on Transparency and Integrity
Long-standing relationships with our clients are built on trust, transparency, and exceptional service. Our unwavering commitment to these principles ensures that you can rely on us to act in your best interests at all times, fostering a partnership that goes beyond just accounting.
Success Stories
Ready to File your BOIR?
FAQs
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Business accounting involves recording, classifying, and managing financial transactions to maintain accurate financial records and ensure compliance with regulations.
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Professional accounting ensures accuracy, saves time, improves cash flow management, and ensures compliance with financial regulations.
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Our experienced team offers reliable and tailored accounting services designed to meet your business’s unique needs and ensure optimal financial health.