FinCEN Beneficial Ownership Report: What You Need to Know Before the January 2025 Deadline

As a business owner, keeping up with new regulations can be overwhelming. One crucial requirement on the horizon is the FinCEN Beneficial Ownership Report, which must be completed by January 1, 2025. Missing this deadline could result in penalties and fees for your business. To help you stay compliant, we’ve broken down what this report entails and how Country Tax and Financial Services LLC can help you meet the deadline with ease.

What Is the FinCEN Beneficial Ownership Report?

The Financial Crimes Enforcement Network (FinCEN) now requires most businesses to file a Beneficial Ownership Information (BOI) report. This report helps the government track individuals who exercise control over a business or own a significant portion of it. By doing so, they can prevent illegal financial activities such as money laundering and fraud.

Who needs to file?

There are two main types of businesses that need to report:

• Domestic reporting companies: These are U.S.-based corporations, limited liability companies (LLCs), and other entities that are created by filing documents with a state agency (such as a secretary of state).
• Foreign reporting companies: These include foreign businesses (corporations, LLCs, etc.) that are registered to do business in the U.S. by filing with a state agency.

What Is a Beneficial Owner?

A beneficial owner is anyone who either:

• Has substantial control over a business, or
• Owns or controls at least 25% of the business’s ownership interests.

In other words, this report is required for any key decision-makers or major stakeholders in the company.

Why Is This Important for Your Business?

Failing to complete the FinCEN BOI by the January 1, 2025 deadline could result in significant penalties. And no business owner wants to start the new year dealing with fines that could have been easily avoided. This is where we come in.

At Country Tax and Financial Services LLC, we understand that managing regulatory paperwork can be a hassle, especially when you have a business to run. That’s why we offer a service to file the FinCEN BOI on your behalf. We will:

• Collect the required information based on a checklist we provide.
• Review your state business registration documents to ensure everything is accurate and up-to-date.
• File the BOI report for your business, so you can focus on what really matters—growing your business!

How to Get Started

If you're feeling unsure about what’s required or don’t have time to handle the paperwork, we’re here to help. To get started, simply reach out to us with the necessary information (we'll provide you with a detailed checklist) and let us take care of the rest. If your state registration documents aren’t current, don’t worry—we can guide you through that process too.

Don’t Wait—Contact Country Tax Today!

Avoid unnecessary penalties and ensure you’re compliant with FinCEN’s reporting requirements. Whether you're a new business or a well-established one, filing your Beneficial Ownership Report on time is crucial to staying in good standing.

At Country Tax and Financial Services LLC, we’re committed to making this process as simple and stress-free as possible. Let’s handle the details so you can focus on your business.

📞 Contact us today to schedule your BOI filing and ensure compliance: 717-348-3252

By staying ahead of the game and filing your Beneficial Ownership Report with the help of Country Tax, you can enter 2025 with peace of mind and a clear focus on your business’s growth!

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