Significant Update from the Financial Crimes Enforcement Network (FinCEN)

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This Is A Very Important Blog!

Don’t wait until the deadline approaches—start your Beneficial Ownership Information Report today with Dental CPA and ensure compliance with the Corporate Transparency Act

As we step into a new year, it’s crucial for dental professionals to stay informed about recent changes in federal mandates that may impact their practices. The Corporate Transparency Act, effective as of January 1, 2024, now requires businesses, including dental practices, to file a Beneficial Ownership Information Report to avoid potential criminal and civil penalties. At Dental CPA, we recognize the importance of these changes and stand ready to guide you through a compliant and stress-free process. This blog post will cover some crucial aspects of this topic, introducing our new solution to help you stay up-to-date with compliance.

Understanding Beneficial Ownership Information (BOI)

The Financial Crimes Enforcement Network (FinCEN) has implemented the Beneficial Ownership Information (BOI) reporting requirements as part of the Corporate Transparency Act. This initiative aims to enhance transparency and combat financial crimes by mandating that all US and foreign companies formed in or registered with any of the 50 US states comply with new reporting guidelines.

Under the Corporate Transparency Act, companies are required to submit beneficial ownership information to FinCEN. This information typically includes details about individuals who directly or indirectly own at least 25% of the company or exercise substantial control over its operations. The reported data may encompass personal information such as names, addresses, dates of birth, and social security or passport numbers.

By implementing the BOI reporting requirements, the U.S. government intends to improve global efforts to combat money laundering and other illicit financial activities. The initiative is part of a broader international trend to prevent the misuse of legal entities for criminal purposes.

About Beneficial Ownership Information Reports

Who Must File?

The obligation to file a BOI report primarily applies to most corporations, limited liability companies (LLCs), and limited partnerships. However, it’s important to note that certain business structures may qualify for exemptions.

Who is a Beneficial Owner?

A beneficial owner is anyone who possesses or exercises control over twentyfive percent or more of the voting stock or equivalent of the company. Additionally, individuals who can exercise substantial influence over the reporting firm, such as the Chief Executive Officer, President, and General Counsel, are considered beneficial owners.

When is the Deadline?

The timeline for submitting BOI reports varies based on the formation date of the company:

  • Companies Formed Before January 1, 2024: The initial BOI report must be submitted no later than January 1, 2025.
  • Companies Formed On or After January 1, 2024: For entities created on or after this date, the initial BOI report is due within 90 days of the entity’s formation.

How Dental CPA Can Help

We are pleased to announce our strategic partnership with a reputable company that specializes in seamless filing and reporting of Beneficial Ownership Information. Our collaboration with FileForms ensures that you receive expert assistance as we guide you through these new reporting requirements. Our team is dedicated to providing you with peace of mind through accurate and compliant filing. It takes only 10 minutes to complete the forms and security is at the forefront of our approach, guaranteeing not only compliance with all regulations but also the utmost protection for your sensitive information.

Click here to safely file Your BOI now

To cater to the diverse needs of our clients, Dental CPA is offering three flexible compliance options. You can choose the one that best aligns with your preferences and requirements:

Option 1: Self-Filing

Take control of your compliance journey by filing the BOI yourself. Click this link to connect directly with our accountant Vincent and initiate the filing process independently.

Click here for Option 1

Option 2: FileForms Assistance

If you require additional support in filing the BOI form, click the link below to contact our trusted third-party partner. For a fee of $200, this experienced partner will assist you in completing the filing process seamlessly.

Click here for Option 2

Option 3: Dental CPA Assistance

If you need additional assistance, our team is available to guide you through the process. For an extra fee of $150, we ensure a smooth and stress-free compliance experience.

Contact Us Today!

If you have any questions regarding our partnership with FileForms or the new BOI reporting requirements, please email us at cal.dental.cpa@gmail.com or call (818) 884-2549.

We look forward to assisting you as we navigate these new requirements together.

Don’t wait until the deadline approaches—start your Beneficial Ownership Information Report today with Dental CPA and ensure compliance with the Corporate Transparency Act

Click here for Option 3

Benificial Ownership Information

At Dental CPA, we prioritize keeping our clients informed about changes in compliance regulations. Please take note of a significant update from the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

Starting January 1, 2024, FinCEN will implement a new reporting requirement. Many companies will need to submit beneficial ownership information (BOI), which pertains to individuals who own or control the company. However, no immediate action is needed now, and not all companies are subject to this requirement. This announcement is merely to inform you about the upcoming changes.

The purpose behind this new requirement is rooted in the Bipartisan Corporate Transparency Act of 2021. This Act is designed to hinder bad actors from exploiting shell companies and opaque ownership structures for illegal financial benefits. By mandating companies to report their beneficial owners, the federal government aims to intensify its crackdown on financial law violations by both domestic and international entities.

Regarding exemptions, not every company will be mandated to report. Specifically, 23 types of publicly traded companies that meet certain criteria, many nonprofits, and some large operating companies will be exempt.

Additionally, it’s important to note that reporting companies are not required to use an attorney or a certified public accountant (CPA) to submit their BOI to FinCEN’s guidance, those needing assistance can consult professional service providers.

As for the reporting process, the form to submit BOI is not yet available. Once it is, FinCEN will provide details on their beneficial ownership information webpage. Reporting will commence on January 1, 2024, and no reports will  be accepted before this date. Furthermore, there will be no fee for submitting a beneficial ownership information report to FinCEN.

Companies required to report their BOI will do so electronically through a secure filing system on FinCEN’s website. This system is currently in development and will be ready before the reporting deadline.

This update is issued as of March 24, 2023, with additional updates as of November 16, 2023.

About Our Experts

Fazel Mostashari is a dental practice expert whose specialty is financial accounting, tax planning, and practice purchase and set up for the dental industry. For over 10 years, Fazel has been the driving force behind the success of many dental practices.

As a proud husband to a dentist, he understands the unique challenges of running a dental practice. Together, they run a thriving, multi-specialty practice in the sunny city of Woodland Hills, CA.

If you’re looking for expert advice, set up a consultation with Fazel.
Fazel Mostashari: Dental Practice Financial Expert

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