BOIR-Beneficial Ownership Information Reporting

The Corporate Transparency Act (CTA) imposed new beneficial ownership reporting requirements which began on January 1, 2024. Domestic and foreign Reporting Companies are required to submit a beneficial ownership report through the BOI e-filing System. It is important to note that companies created or registered on or after January 1, 2024, and before January 1, 2025, have 90 calendar days (from receipt of creation notice or public notice) to submit this report. Entities created or registered after January 1, 2025, will have 30 calendar days to file their initial BOI report. Existing entities organized or registered before January 1, 2024, must file their initial report by January 1, 2025. Penalties will be imposed for non-compliance. After filing the initial report, entities must file additional reports if any changes are made within the company regarding beneficial ownership (i.e., mergers or death). 



You can find a list of exemptions on our website in the Forms tab. If your company qualifies for an exemption, you do not need to file the reports. If you have a filing requirement, and you would like to engage Hark and Associates, PC to file the initial report on your behalf, please contact us via email or by phone. You may have already filed the initial report, or may be able to file the report on your own. It is not a requirement to engage a CPA or attorney to file the report on your behalf. For us to file the report on your behalf, a separate engagement letter will need to be signed in addition to a form filled out that will provide us with the necessary information to complete the report. Just like with tax returns, we will need companies to review a copy of the report before submission and sign off on an electronic filing authorization form. Any questions regarding the report or our process can be answered by one of our accountants.