Avoid severe penalties:
File your newly required compliance report today.
97% of businesses in the U.S. must now file a Beneficial Ownership Information (BOI) report required by the Corporate Transparency Act of 2021, or face fines of $591 per day and be subject to a civil lawsuit and jail time when fines reach $10,000. Compliance is enforced by the U.S. Treasury’s Financial Crime Enforcement Network (FinCEN).
Must file now: Companies created before January 1, 2024 must file by year end, and companies created in 2024 have just 90 days from formation to file. iPostal1 will help you file this new report quickly, accurately, and safely, at a cost of only $75.
What is the Corporate Transparency Act?
The Corporate Transparency Act was passed by Congress in 2021 to curb illicit finance and requires most companies doing business in the U.S. to report information about the individuals who ultimately own or control them. The act took effect January 1, 2024 and is enforced by the U.S. Treasury’s Financial Crime Enforcement Network (FinCEN).
From the U.S. Department of the Treasury:
Not sure if you have to file a BOI report?
You are required to file if…
- Your company was formed in the U.S., OR your company was formed outside the U.S. and registered to do business in the U.S.
However, you are exempt from filing if your company…
- Has more than 20 employees in the U.S., AND
- had greater than $5 million in revenue, gross receipts or sales last year, AND
- has a physical presence in the U.S.
Your company is also exempt if it is a…
- Bank
- Credit union
- Money services business
- Broker/dealer in securities
- Insurance company
- Tax-exempt entity
- Government authority
- Public utility
- PCAOB registered public accounting firm
- Pooled investment vehicle
- Inactive entity