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Time is Running Out to File Your BOI Form

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The deadline for filing the Beneficial Ownership Requirement form is quickly approaching for small business owners. Courtney Kincaid, the President and CEO of the Indiana CPA Society, says the deadline to file for many businesses is December 31.
The article from MSN discusses the urgency of filing the Beneficial Ownership Information (BOI) form as mandated by the Corporate Transparency Act (CTA). The CTA requires many U.S. companies to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to combat financial crimes like money laundering. The deadline for existing companies to file this form is fast approaching, with penalties for non-compliance including fines and potential jail time. The article emphasizes that while the process might seem daunting, it's crucial for business owners to understand their obligations, gather the necessary information, and file the report to avoid legal repercussions. It also mentions that FinCEN has provided resources and guidance to assist in the filing process, highlighting the importance of timely compliance to maintain corporate integrity and avoid legal issues.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/time-is-running-out-to-file-your-boi-form/ar-AA1vRGc6 ]