There is a recently enacted Federal Beneficial Ownership Interest Reporting (BOIR) Requirements put in place by the federal government you must do so immediately. It is voluntary at this time due to ongoing litigation but it can be reinstated at anytime. Under the BOIR program, all business entities (with limited exceptions, see https://www.wolterskluwer.com/en/expert-insights/the-23-exemptions-from-the-corporate-transparency-act for more information) must file a report disclosing specific information for persons holding a “Beneficial Ownership” in the entity. You probably got a notice in the mail about this but we wanted to make sure you are aware.

 Beneficial Ownership is defined as any individual who, directly or indirectly:

1. Exercises substantial control over the entity; or

2. Owns or controls at least 25% of the ownership interests of the entity.

If you would like our firm to file a BOIR report on your behalf for any of your business entities, please respond to this email with authorization to do so. Our fee for this report filing will be $250.00, per entity.

If you wish our office to file it for you, please provide the following information to facilitate the completion and submittal of the report:

The EIN/ITIN for the entity; and a copy of each Beneficial Owner’s (non-expired) driver’s license or passport.

You can send a check for the fee ($250 per company) or you can pay same online at www.mathisonwhittles.com/make-a-payment.

If you wish to file this yourself, you can do so at: https://boiefiling.fincen.gov

It should be noted that willful violation of the BOI reporting requirements is punishable under the Corporate Transparency Act, as outlined below:

“As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. However, this civil penalty amount is adjusted annually for inflation. As of the time of publication of this FAQ, this amount is $591. A person who willfully violates the BOI reporting requirements may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.”