Video-BOIR

The Corporate Transparency Act requires most LLCs and corporations to file a Beneficial Ownership Information Report (BOIR) with FinCEN. This video explains the filing requirements and how our office can help you stay compliant.

What Is a BOIR?

A Beneficial Ownership Information Report identifies the individuals who own or control a company. The Financial Crimes Enforcement Network (FinCEN) collects this information as part of the Corporate Transparency Act to combat money laundering, terrorist financing, and other financial crimes.

Who Needs to File?

• Most LLCs formed or registered in the United States
• Most corporations formed or registered in the United States
• Foreign companies registered to do business in the United States
• Certain exemptions apply — large operating companies, regulated entities, and others

Filing Deadlines

• Existing companies — must file by the applicable deadline
• New companies — must file within 90 days of formation or registration
• Changes in beneficial ownership — must be updated within 30 days

Penalties for Non-Compliance

Failure to file a BOIR or filing false information can result in civil penalties of up to $500 per day and criminal penalties including fines of up to $10,000 and imprisonment of up to two years.

How We Can Help

As a dual-licensed Attorney and CPA, Philip Falco can prepare and file your BOIR, determine whether your company qualifies for an exemption, and ensure ongoing compliance with the reporting requirements.

We also offer bundled BOIR filing with tax return preparation for existing clients.

Call (303) 626-7000 or email Phil@ColoradoLegal.com for BOIR filing assistance.