Who Needs to File?

Before getting started through the BOIR process, you first need to figure out if your company needs to file in the first place. Companies that are corporations, LLCs, LLPs, etc. are required to file if they initially filed with a secretary of state to register their business. However, there are about 23 exemptions that may apply to you which means you would not have to file. Sole proprietors or general partnerships do not usually need to file this report. Some of the exemptions include entities such as banks, credit unions, accounting firms, and insurance companies. You can find all of the exemptions listed in the Beneficial Owner Information.

It is also important that all the right people are listed and have their accurate information on the account. ALL beneficial owners must be given. You are considered a beneficial owner if you are a senior officer, hold authoritative power to make decisions, or hold at least 25% of control over the company and its interests. If you need extra assistance figuring out if your company needs to file and who all should be included, we can talk it over with you or you can find more information in the Small Entity Compliance Guide.

How We Can Help

Filings are done through FinCEN’s online filing system, so you are able to complete it yourself if you would like. However, if you want to eliminate the stress from filing yourself, at Cooper Norman, our team can do that for you. We would just need to obtain all of the necessary information from you before a certain date to make sure it gets filed before the deadline. Here are some of the ways we will be able to serve your company when filing the BOIR:

• Our team can help you understand all the rules and regulations in regard to the CTA.
• We can provide a continued service for your business to make sure it stays within the regulations and guidelines as they change.
• We can teach you about all of the nitty-gritty details that have to be exact when filing.
• If you are looking to file yourself, we can provide you with a deeper understanding of how everything works so you feel confident when filing your BOIR.

Benefits of BOIR Service

There are many benefits to reap when choosing us to do your BOIR services. We know how much time, effort, and attention it takes to run a successful business. We want to eliminate the weight of filing a BOIR from you and give you more time to focus on the most important aspects of your business. Some benefits of letting us perform this service for you are:

• More time to focus on areas that will grow your business
• Receive expert knowledge on CTA compliance requirements
• No minor errors or missed information from filing yourself
• Ability to catch it anything inaccurate as we have a team working on it
• Ongoing updates on compliance guidelines and helping your business stay in line with them as they evolve
• Ensure that it will get filed on time and won’t risk getting penalized $500 – $10,000
• Take off the stress of adding another thing to worry about with all of the other business tasks
• More time with family instead of the mundane tasks of running a business

Idaho Falls: Let us Serve You!

Navigating and owning a business can be challenging as it is. Meanwhile, adhering to new and complex guidelines can be overwhelming at first. We are here to make the process as seamless and simple as possible for you.

Idaho Falls is a thriving town to live in. It has the aspect of the city with the amount of businesses and companies around, but also has that country feel with the mountains not being too far away. Much of the Idaho Falls population is made up by growing families. We know how important it is to be able to provide for your family, but also spend as much time with them as you can. Working with us will eliminate unnecessary work time for you that you can spend with them. It will give you the freedom to spend that time focusing on your goals, whether that be in work, relationships, health, etc.

We want to give you that freedom by providing you with BOIR services. We understand the financial challenges that come with owning a business, having a family, and everything else along the way. As one of the largest accounting firms in Idaho, we can give you meaningful insights that will help your business grow. We can work with you on things that may seem a bit unfamiliar to build that confidence to be successful. If you are needing BOIR services, do not hesitate to contact us today at Cooper Norman in Idaho Falls.