In 2021, Congress enacted the Corporate Transparence Act. This law creates a beneficial ownership information (BOI) reporting requirement as part of the U. S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures.

Reporting companies will have to report their BOI information to the Financial Crimes Enforcement Network (Fin CEN). FinCEN is a bureau of the U. S. Department of the Treasury.

The penalty for not filing the BOI report with FinCEN by the deadline is $591.00 per day, per entity.

Although the BOI report(s) can be filed online directly to FinCEN, we have found that to be a time consuming, confusing, and unclear process, with a massive margin for error and lack of support.

As a value-added service to our clients, Tax Professionals of Alaska has partnered with FileForms, an industry-leading FinCEN BOI online filing service with secure storage and reporting features, founded by CPA’s, attorneys, and industry professionals. As an industry specific service, FileForms is best qualified to assist you in properly preparing your BOI information and addressing any of your questions.

To access FileForms in order to complete your BOI filing requirement, please click on the following link:   https://partners.fileforms.io/l/13113599/