BOI Reporting Service
Corporate Transparency Act – KMS Offer to eFile your BOI
[Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN). FinCEN is under the federal Treasury Department.]
Available year-round - Special Pricing from now through December 21, 2024
Deadline to file is December 31, 2024
NOTE – If you have received emails (or calls) from people you don’t know offering to help – Beware.
Many scams are going around; when you click on their link, they are just collecting your valuable information.
How can you tell? The website you are directed to does NOT end in .gov.
What is a BOI Report?
The Corporate Transparency Act (CTA) is a federal law passed by Congress as part of the National Defense
Authorization Act of 2021. The law went into effect January 1, 2024. The purpose of the CTA legislation is to assist the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department, in identifying entities that may be involved in money laundering, terrorism, tax evasion, organized crime, and other illegal activities. The law requires businesses to file a document called the Beneficial Ownership Information Report with the Financial Crimes Enforcement Network (FinCEN). Reports need to be filed by January 1, 2025, or could be subject to up to $500/day fine for every day not in compliance. However, there are exemptions.
How to Determine If You Must File a BOI Report with FinCEN?
Are you a Sole Proprietorship?
If your business entity operates as a sole proprietorship, then you do NOT need to file a BOI Report with FinCEN.
Do you File Your Annual Taxes as a C or S Corp, or LLC, LLP?
C or S Corp – LLC, LLP, or any other companies formed by or registered to do business by filing with a state’s Secretary of State are required to file BOIs.
Some of the Exemptions
Non-Profits, like 501(3)c.
"Large Operating Company"- Corporation/LLC/LLP – if you filed your 2023 Taxes under one entity number using IRS Form 1120, IRS Form 1120-S, or IRS Form 1065 AND your U.S-based income/sales/revenue exceeded $5,000,000, AND you have 20+ full-time employees located at a US-based physical operating presence, then your business is covered by the Large Operating Company exemption.
Other exemptions exist for businesses like FDIC banks, credit unions, insurance and accounting companies, and more – this is because these types of businesses are subject to supervision by state or federal commissioners or other oversight authorities.
Click here to see a full and explained list of all exemptions to filing BOI (pages 11-21).
You Can Hire Me to File Your BOI
FYI, there is no fee to go online to the BOI e-filing website and file this yourself.
However, there is no law stating you can't hire a third party to do this for you.
If you don’t feel you have the time or inclination, you can hire me to handle getting your BOI Report submitted to FinCEN. I am not outsourcing this; I, Kerri Marvel, will handle your e-filing process from beginning to end.
Pricing - Choose one of two services
How to Sign Up for Service
Contact me via call or text about scheduling a call to begin the process.
During this phone call or zoom, I will go over the information I need to process your BOI. This may take more than one phone call.
In addition to a lot of information about how your business was formed, be prepared to provide a digital copy of the front of the ID cards of all “Beneficial Owners” (typically those listed on the initial application to form the business entity, or anyone owning 25% of the business).
What happens if you don’t complete the e-filing process by January 1, 2025?
The penalty for not filing if required to, or providing false information, can be as high as $500/day and possible jail time.
Still have questions?