Effective January 1st. 2024
Letter to our clients
Subject: Act Now on the Beneficial Ownership Information (BOI) Reporting Requirement
We trust this message finds you well. We want to bring to your attention the critical federal reporting requirement, the Beneficial Ownership Information (BOI) report, mandated by the United States Department of Treasury through the Financial Crimes Enforcement Network (FinCen). This framework was enacted in 2021 as part of the bipartisan Corporate Transparency Act (CTA). This regulation is pivotal in combatting illicit finance by requiring companies to disclose information about their ultimate owners or controllers.
Why It Matters to You:
As a valued client, it is essential to recognize that many companies, including Corporations (C or S), Limited Liability Companies (LLC), and other registered entities, are obligated to submit their BOI reports. This includes individuals who directly or indirectly own or control more than 25% of the ownership interest, those exercising substantial control, and company applicants if the entity was created or registered after January 1st, 2024.
What's Included in the BOI:
The BOI report comprises crucial details such as legal names, trade names, complete U.S. addresses, state or foreign jurisdiction information, taxpayer identification numbers, and more. It is a comprehensive measure to ensure transparency and compliance.
Key Dates and Penalties:
The due date for BOI compliance depends on your entity's creation or registration date, ranging from January 1st, 2025, for entities created before January 1st, 2024, to 90 calendar days from the date of incorporation for entities created or registered after January 1st, 2024, and 30 calendar days from the date of incorporation for entities created or registered after January 1st, 2025. Penalties for non-compliance can be severe, including civil penalties of up to $500 per day, criminal penalties of up to two years imprisonment, and a fine of up to $10,000.
How we can assist:
To alleviate the burden of this regulatory requirement, we are actively working to gather the necessary information for our existing clients. Our dedicated team will ensure your seamless compliance with the BOI reporting requirement.
Contact us today to experience the peace of mind our clients enjoy when it comes to navigating local, state, and federal regulations. At Efficient Corporation, we view our clients as more than just account numbers; they are our inspiration to deliver world-class customer service.
Thank you for entrusting us with your business. We look forward to assisting you in meeting your BOI reporting obligations promptly.
Customer Service Department
73 Market Street, Suite 376
Yonkers, N.Y. 10710
Office: (646) 412-3280
Mobile: (718) 730-3032
Fax: (646) 412-3282