Parasec is here to assist you in submitting your beneficial ownership information (BOI) report with confidence!
Under the Corporate Transparency Act (CTA), millions of companies that are registered to do business in the United States are now required to submit a report containing beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). Failure to submit a complete and accurate BOI report may result in significant civil or criminal penalties. At Parasec, we provide assistance to help you meet this new compliance requirement on time and with confidence.
When do you need to file your initial report?
Businesses impacted by the new reporting requirement are categorized by FinCEN as either new reporting companies or existing reporting companies.
New reporting companies (created on or after January 1, 2024) must file an initial BOI report within 90 calendar days of receiving actual or public notice of your business’ registration or creation. If you’re ready to file, simply email us at BOI@parasec.com to get started. Our team is always ready to help!
Existing companies (created before January 1, 2024) have until January 1, 2025 to submit their initial BOI reports. We are happy to assist with these filings right now, though we recommend holding off at first to ensure that FinCEN’s system is running smoothly and not overwhelmed by users. Since you have a full year to submit your BOI report, waiting a bit might prove beneficial.
Moreover, if any information regarding the reporting company or beneficial owners changes, you must file an updated report within 30 days. Waiting to file your initial report could eliminate the need to file more than once in the first year, should any information change. However, if you do not want to wait, our team is here to help you now.
How can Parasec assist you?
Parasec has developed a user-friendly BOI report filing platform to help ensure that we collect all the necessary data required to complete your order and meet filing requirements. Read on for more on the benefits of enlisting our help and utilizing our system.
- Save As You Go: Save your progress in our system as you go and return later to resume filling out the form as you collect the required data.
- Company Applicant: Parasec will serve as a company applicant for any entities that we have assisted in forming. Our clients can then choose which party they’d like to list as the second company applicant (if applicable).
- Filing Confirmation: After submitting your BOI report to FinCEN, we will send you a confirmation of submittal.
- Data Security: Our dual-layer online security system ensures that your highly sensitive information is safe and confidential.
- Avoid Penalties: Completing this compliance requirement can help companies avoid severe criminal and civil penalties, including fines and imprisonment.
- Professional Support: Our customer support team is available during regular business hours. You will always speak to a professional, polite, and knowledgeable person who cares about your business.
- Reference Materials: To ensure a smooth filing process, we recommend utilizing our BOI Filing Prep Checklist to compile all the required documents. We have also provided a FAQs page and an informational sheet to assist reporting companies in identifying who qualifies as a beneficial owner. You can find all three resources on our website, here.
If you’re ready to submit your BOI report, our team is here to assist you!
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