BOI Reporting Service

With the 2021 Corporate Transparency Act, many companies are now required to report beneficial ownership details. SSL Associates offers expert guidance on eligibility, reporting requirements, and compliance timelines, ensuring your business adheres to the new law with ease. Reach out today for tailored support.

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SSL Associates Ltd.
Beneficial Ownership Information

Expert BOI Filing Specialists Serving Chicago and Beyond

At SSL Associates, we're Chicago-based professionals in Beneficial Ownership Information (BOI) filing, offering customized solutions to businesses nationwide. Our expertise in BOI compliance ensures that your business meets the latest regulatory requirements with accuracy and ease.

Whether you're a small business or a large organization, our team is dedicated to simplifying the complexities of BOI filing, helping you avoid penalties. Trust SSL Associates to guide you through every step of the BOI process, ensuring your business remains secure in today's evolving regulatory landscape. Wherever you are, let's safeguard your business together.

Why Report Beneficial Ownership Information (BOI)?

The Corporate Transparency Act (CTA) has established new requirements for Beneficial Ownership Information (BOI) reporting, designed to improve transparency and combat illegal financial activities in the U.S. Managed by the Financial Crimes Enforcement Network (FinCEN), this rule requires many businesses, including those in Illinois, to report details about individuals who own or control the business. This information is crucial for strengthening national security and the financial system by preventing criminals from abusing anonymous business structures to launder money or engage in other illicit activities.

Who Is Required to Submit a BOI Report?

Two main categories of companies are required to submit a Beneficial Ownership Information (BOI) report: domestic and foreign reporting companies. A domestic reporting company includes corporations, Limited Liability Companies (LLCs), and other entities that are formed by filing documentation with a state or tribal authority. Foreign entities encompass companies such as corporations or LLCs established under the laws of another country, but which are registered to conduct business in the U.S. through a similar filing process.

Additionally, the rule clarifies that entities like Limited Liability Partnerships (LLPs), Limited Liability Limited Partnerships (LLLPs), business trusts, and most limited partnerships will generally fall under the reporting requirement, given that they are typically established through filings with state or similar offices. However, it's important to note that the rule exempts twenty-three specific types of entities from being classified as "reporting companies."

Our BOI Reporting Services: Expert Guidance for Compliance

At SSL Associates, we specialize in helping businesses navigate the complexities of Beneficial Ownership Information (BOI) reporting, ensuring that your filings are accurate and timely.

Assessing Your Reporting Needs

We’ll carefully evaluate your business to determine if you fall under BOI reporting requirements, considering your entity type and ownership structure, and identifying any exemptions that may apply.

Detailed Data Collection

Our team works with you to gather and verify all necessary information about your beneficial owners, ensuring that your report is both precise and complete.

Preparation and Submission

We manage the entire process of preparing your BOI report, adhering to FinCEN’s regulations. Once the report is ready, we handle the submission, ensuring it is filed correctly and on schedule.

Ongoing Support for Compliance

We continue to support your business beyond the initial filing, monitoring any changes that might affect your reporting obligations, so you stay compliant with evolving requirements.

Clear Communication

Throughout the process, we provide straightforward guidance, helping you understand the requirements and ensuring there are no surprises along the way.

Ensure Your Business Meets the Latest Regulatory Standards

Partner with SSL Associates for expert assistance in Beneficial Ownership Information reporting. Contact us today to get started.

Schedule Consultation

(630) 819-6040

Key Deadlines for Submitting Beneficial Ownership Reports

As of January 1, 2024, FinCEN will begin accepting Beneficial Ownership Information (BOI) reports. The due dates for these reports vary based on when your business was established or registered:

For entities formed or registered before January 1, 2024: You must submit your initial BOI report by January 1, 2025.
For companies formed or registered between January 1, 2024, and January 1, 2025: Your initial BOI report is due within 90 days of your business’s formation or registration.
For entities formed or registered on or after January 1, 2025: You must file your BOI report within 30 days of your business’s formation or registration.

Consequences of Not Filing a BOI Report

Failing to submit a Beneficial Ownership Information (BOI) report by the deadline can lead to serious penalties. Entities and individuals who fail to file on time or provide incorrect information may incur civil fines of up to $500 for each day the violation continues. Additionally, knowingly disregarding the reporting requirements can result in criminal charges, with fines up to $10,000 and a potential prison sentence of up to two years. It’s essential to ensure that BOI reports are filed accurately and promptly to avoid these harsh penalties.

Who Benefits from Filing a BOI Report?

Understanding whether your business is required to file a Beneficial Ownership Information (BOI) report is crucial for compliance. At SSL Associates, we guide a wide range of businesses through the BOI reporting process, ensuring accuracy and adherence to regulatory requirements.

Non-Profit Organizations

Non-profits often face complex regulatory requirements. We help these organizations determine if they need to submit a BOI report and ensure that all necessary information is accurately reported to maintain compliance.

For-Profit Businesses

From small enterprises to large corporations, we assist for-profit businesses in identifying their BOI reporting obligations. Our expertise ensures that your beneficial ownership information is correctly gathered and submitted, keeping your business in line with the latest regulations.

Why Choose SSL Associates for BOI Reporting?

Specialized Knowledge

Leverage our in-depth understanding of Beneficial Ownership Information report requirements to ensure accurate and compliant submissions.

Seamless Process

We simplify the BOI reporting process, providing efficient and timely support that minimizes your administrative burden.

Comprehensive Compliance

Count on us to help you fully comply with FinCEN regulations, reducing the risk of penalties and ensuring your business meets all obligations.

Ongoing Support

We offer continuous guidance and support, keeping your BOI reports up-to-date and in line with any changes in ownership or structure.

Hear from Our Clients

Seamus Naughton, Lake Shore Glass

5.0

As the owner-operator of a construction company, my hours are spent focusing on the operational aspects of our business. Managing our year-end financials was an unwelcome challenge that was a large drain on my time. Having SSL Associates, Ltd. freed me to focus my attention where it best served my company, and gave me peace of mind that our accounting would be done accurately, professionally, and on time. Their ability to work hand in hand with our accounting department allows us to tackle problems as they arise throughout the year to ensure all tax & financial reporting deliverables are free of any last-minute headaches.

Steve Brown, VP Business, Sabre Hockey Association

5.0

SSL Associates, Ltd. has been an invaluable resource for our youth hockey non-profit organization. Their team's expertise in tax compliance and financial reporting has been instrumental in ensuring transparency and accountability to our many families, donors and stakeholders. Their commitment to excellence and their deep understanding of the non-profit sector have made them an indispensable part of our success and a valued partner that we trust and rely on for their guidance.

Kristin Newell, Director of Finance and Administration, Evolution Soccer Club

5.0

When we started the not-for-profit youth travel soccer club, we quickly grew large enough that we are required to be audited by an independent accounting firm each year. We have used SSL Associates Ltd. for the past seven years and couldn’t be happier with their services. SSL also helped us make improvements to our Quickbooks so that the Audit is now very efficient. Their responsiveness and expertise in non-profit accounting has enabled our staff to stay focused on our mission of providing a competitive and positive learning environment to develop our players both on and off the field.

Mark Huelskoetter

5.0

SSL Associates has been a trusted advisor to Wenzak for many years. Their knowledge and valuable insights around tax and reporting impacts of business issues has helped us to navigate key decisions and stay focused on our core business. We greatly appreciate the personal approach and responsiveness of the entire team.

Simplify Your Reporting

Trust SSL Associates to handle reporting beneficial ownership information with precision and efficiency. Contact us today!

1064 104th Street Suite 100, Naperville, Illinois 60564

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FAQs

Who qualifies as a Beneficial Owner of a reporting company?

A beneficial owner of a reporting company is an individual who either owns or controls 25% or more of the company’s ownership interests or who exerts significant control over the company, whether directly or indirectly.

However, certain individuals are not considered beneficial owners:

Employees who are not in senior positions and whose influence or financial benefit comes solely from their role as employees.
Individuals who hold only a future ownership interest through inheritance (they must be reported once the interest is inherited).
Custodians, nominees, intermediaries, or agents acting on behalf of another person who is a beneficial owner.
Minor children (the parent or guardian's information must be reported instead).
Creditors of the reporting company.

Which entities are exempt from BOI reporting?

FinCEN has outlined 23 categories of entities that are exempt from the Beneficial Ownership Information (BOI) reporting requirement. These exemptions apply to entities that are already subject to stringent federal or state regulations. However, eligibility for exemption isn’t automatic; entities must meet specific criteria to qualify. Some of the exempt categories include:

Securities reporting issuers
Government authorities
Banks and credit unions
Holding companies for depository institutions
Money services businesses
Securities brokers, dealers, and exchanges
Registered investment companies and advisers
Venture capital fund advisers
Insurance companies and state-licensed insurance producers
Entities registered under the Commodity Exchange Act
Public utilities and financial market utilities
Pooled investment vehicles
Tax-exempt organizations and their supporting entities
Large operating companies
Subsidiaries of certain exempt entities
Inactive entities
Public accounting firms registered under the Sarbanes-Oxley Act

What is the process for filing a BOI report?

BOI reports must be submitted online via FinCEN’s official website. Once your report is successfully submitted, the system will issue a confirmation of receipt.

What information is required for filing a BOI report?

When filing Beneficial Ownership Information reports, your business must provide several key details:

Company Information:

Legal name of the entity
Any DBAs (Doing Business As) or trade names
Principal business address in the U.S.
Jurisdiction of formation or registration (state, tribal, or foreign)
Federal Taxpayer Identification Number (TIN, Social Security Number, or EIN)

Information About Beneficial Owners and Company Applicants:

Full legal name of the individual
Date of birth
Residential street address (company applicants may sometimes use a business address)
Personal identification number and issuing jurisdiction from a valid U.S. passport, state driver’s license, or other government-issued ID, along with an image of the ID document. If a U.S. ID is unavailable, a foreign passport can be used.

To make the filing process more efficient under the Corporate Transparency Act, reporting companies, beneficial owners, and company applicants can obtain a FinCEN identifier, which allows them to bypass entering some of these details in the BOI report.

Is a BOI report required every year?

No, you don’t need to report beneficial ownership information annually. However, if there are any changes to your reporting company’s details or its beneficial owners, you must submit an updated report within 30 calendar days of the change or upon discovering any inaccuracies in the previously filed report.

How will FinCEN use my ownership information? Will it be shared?

When you submit ownership information to FinCEN, it will be stored in a secure database and will not be publicly accessible. However, federal, state, local, tribal, and foreign government officials can request access to this beneficial ownership information for authorized purposes, such as national security, intelligence, and law enforcement activities. Additionally, financial institutions may be granted access to this information under specific conditions, but only if the reporting company provides consent.