WINTHER, STAVE & CO., llp

Winther Stave & Co., LLP is a full-service accounting firm with offices in Spencer, IA and Milford, IA dedicated to providing our clients with professional, personalized services, and guidance in a wide range of accounting, tax, and business advisory services. With over 300 years of combined experience, our team of professional accountants will provide financial solutions tailored directly to your needs.

New in 2024: BOI Report Filing

The Corporate Transparency Act (CTA), enacted in 2021, requires companies to provide key information about beneficial owners in their organizations.   Specifically, the CTA requires that entities disclose the identities of any individual who exercises substantial control OR owns at least 25% of said business.   This report is different than the biennial report that our office may prepare and file for you with the Secretary of State.   Failure to file could result in civil penalties of $591 per day, and in certain circumstances, criminal penalties for failure to timely file required reports.

What is a BOI report? 

BOI reports provide essential information about the reporting company, such as their legal name, mailing address and employer identification number (EIN).   Additionally, the company must disclose key information about its beneficial owners including their name, address and a unique identifying number from a driver’s license, passport, or state-issued identification. 

When are BOI reports due? 

Companies that existed before 2024 have until January 1, 2025 to file.   If you started your business in 2024, you have 90 days from when your company began to file your BOI report.

 How often are BOI reports filed? 

A BOI report doesn’t expire, so no annual reporting requirements exists.   However, if any information on a BOI report changes, a company has 30 days to submit corrections or updates. 

Who files a BOI report? 

BOI reporting applies to domestic companies created by filing a document with the Secretary of State or a similar office.   Notably, domestic companies may include C corporations, S corporation and LLCs.   LLCs would include individuals filing Schedule C, Schedule E or Schedule F that were set up as LLCs.

Companies subject to substantial regulation may be exempt from BOI reporting, including:

Publicly traded companies, Financial services, Tax-exempt organizations, Accounting firms and Large operating companies that meet certain exceptions 

How to file your BOI report 

Reporting companies must electronically submit their filings through FinCen’s Beneficial Ownership Secure System.   If you choose to file the report yourself, go to the website at: www.fincen.gov/boi and follow the instructions.   

If you want us to assist with the BOI report filing, please notify your accountant at our office as soon as possible, fill out the schedule of information and return to our office along with photo copies of identifying documents (driver’s license front and back, passport or state-issued identification) for each beneficial owner.   If we don’t hear from you by November 30, 2024, we will assume you are filing your BOI report.