Tax Preparation & Bookkeeping Services in Arizona
Beneficial Owner Report Requirements Have Changed — Know What Applies to Your Business
Not sure if your company still needs to file a Beneficial Ownership Information report? On Tax helps you understand the updated BOI requirements, whether they may apply to your business, and what action deserves your attention.
Understand BOI requirements
Prepare and file your BOI report
Maintain ongoing compliance
Do You Still Need to File a Beneficial Owner Report?
The federal Beneficial Ownership Information (BOI) reporting rules have changed significantly. Under the updated FinCEN rules, companies created in the United States are exempt from federal BOI reporting requirements.
Certain entities created under foreign law and registered to do business in the United States may still fall within the reporting framework if an applicable exemption does not apply. So before preparing another compliance filing, start with the question that matters:
Does the BOI reporting requirement actually apply to your company? On Tax helps you review your situation so you can focus on the requirement that deserves attention instead of acting on outdated information.
Beneficial Ownership Information Requirements Depend on How Your Company Was Created
U.S.-Created Companies Are Exempt from BOI Reporting
See your income, expenses, and financial activity more clearly instead of relying only on your bank balance.
Be Better Prepared for Taxes
Keep important records and documents organized so filing doesn’t become a last-minute search for information.
Make Decisions with Better Information
Understand your numbers more clearly and make business decisions with greater confidence.
Spend Less Time Figuring It Out Yourself
Spend less time sorting receipts and financial records and more time focused on your business.
Does Forming an LLC Mean You Need a Beneficial Owner Report?
Forming a U.S. LLC does not by itself create a federal BOI reporting requirement under the updated rules.
Business formation and BOI reporting are separate matters.
If you are starting a new company in Arizona, LLC Company Registration Services address the process of forming the business. Whether BOI reporting requires attention should be considered separately under the rules that apply today.
Have Questions About Beneficial Owner Report in Arizona?
If you own a business in Arizona and are unsure whether a Beneficial Owner Report filing notice, old deadline, or compliance reminder still applies, OnTax can help you understand the reporting situation that may be relevant to your company.
Instead of assuming another filing is required, start by identifying whether there is an obligation that actually needs attention.
Understand What the BOI Rules Mean for Your Business
You may have been told your business needs to file a Beneficial Owner Report. That information may no longer reflect the requirements that apply today.
On Tax helps you understand how the updated BOI reporting framework may relate to your company so you can focus on the action that actually deserves attention.
Don’t file because an old requirement told you to. Understand what applies to your business today.
Frequently Asked Questions About Beneficial Ownership Information Reporting
Who May Still Need to File Beneficial Ownership Information?
Certain entities created under the laws of a foreign country and registered to do business in the United States may remain subject to BOI reporting if they fall within the applicable reporting framework and do not qualify for an exemption.
What Is FinCEN?
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Department of the Treasury that administers the federal Beneficial Ownership Information reporting framework.
What If My Business Already Filed a Beneficial Owner Report?
If a U.S.-created company filed BOI under earlier requirements, it should rely on updated FinCEN guidance when determining whether any BOI reporting action is required now rather than assuming the previous requirements continue.
What If My Company Was Created Outside the United States?
A company created under foreign law and registered to do business in the United States may fall within the BOI reporting framework. Its circumstances and any applicable exemptions should be considered before determining whether filing is required.
Can On Tax Help with Beneficial Owner Report Questions in Arizona?
Yes. On Tax can help business owners understand how the updated BOI reporting framework may relate to their company and identify what may require attention.