$500 Daily Fine for Corporation, LLC, & HOA

[Janet Behm]

The U.S. Government is nailing real estate investors to the wall in a bold move to control financial crimes.

BOI is yet another Federal program, “Beneficial Ownership Information.”

The BOI program, a key tool in the fight against financial crimes, requires every business to document it’s 'Beneficial Owners.’ This is a crucial step in identifying and cracking down on criminal elements.

Filing is free of charge and part of the Fed’s idea of an easy form to complete. Rest assured; the process is designed to be straightforward. 

What is a Beneficial Owner?

A Beneficial Owner is an individual who either directly or indirectly owns or controls a company. The aim is to expose businesses attempting to conceal illicit gains, thereby identifying those involved in criminal activities.

As a real estate investor preoccupied with due diligence, you have little to fear…except failing to file by year-end.

Who is Exempt?

There are 23 exemptions from the BOI program, but it's unlikely that you'll qualify for any of them. The program primarily targets corporations and limited liability companies (LLC).

Your sole proprietorship is exempt.

As for a Home Owner Association (HOA), whether it needs to comply depends on its legal structure and tax status.

Most HOAs need not file, except 501(c)(4), which probably need to comply.

Take This Action NOW:

To learn more,

US Treasury dept, “Financial Crimes Enforcement Network” 

Disclosure: Janet I. Behm, Enrolled Agent, is licensed by the US Treasury Dep.