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Beneficial Ownership Information Report (BOIR) Services at Leading Taxes LLC
In response to increasing concerns over transparency and the prevention of illicit activities, the Financial Crimes Enforcement Network (FinCEN) has introduced the Beneficial Ownership Information Report (BOIR) requirements. At Leading Taxes LLC, we understand the complexities involved in filing this report and are here to assist businesses in complying with the regulations efficiently and accurately.
What is the Beneficial Ownership Information Report (BOIR)?
The BOIR requires certain entities, including corporations and limited liability companies (LLCs), to disclose information about their beneficial owners. Beneficial owners are individuals who directly or indirectly own or control a certain percentage of the entity or who exercise significant control over it. The BOIR aims to provide greater transparency in business ownership to combat money laundering, tax evasion, and other financial crimes.
Why Choose Leading Taxes LLC for Your BOIR Compliance?
- Expertise: Our team of experienced Certified Public Accountants (CPAs) and Enrolled Agents (EAs) is well-versed in the BOIR requirements and can help ensure your business complies with all necessary regulations.
- Customized Solutions: We understand that each business is unique. We tailor our services to meet your specific needs and ensure accurate reporting of beneficial ownership information.
- Comprehensive Support: From understanding the definitions of beneficial ownership to preparing and filing the report, we provide comprehensive support throughout the process.
Our BOIR Services
At Leading Taxes LLC, we offer a full range of services related to the Beneficial Ownership Information Report, including:
- Assessment of Reporting Requirements: We evaluate your business structure to determine whether you are required to file a BOIR and identify the necessary information to disclose.
- Data Collection and Verification: Our team assists in gathering and verifying the required information about beneficial owners, including their names, addresses, and ownership percentages.
- Preparation of the BOIR: We ensure that the BOIR is accurately completed, adhering to all regulatory requirements, and reflects the current ownership structure of your business.
- Filing and Submission: We handle the filing and submission of the BOIR to the appropriate authorities, ensuring that all deadlines are met.
- Ongoing Compliance Monitoring: We provide ongoing support to help your business remain compliant with any changes in beneficial ownership or regulatory requirements, including updates to the BOIR.
- Consulting Services: Our CPAs and EAs offer guidance on best practices for beneficial ownership transparency and compliance, helping you understand your obligations under the law.
Get Started Today
Ensuring compliance with the Beneficial Ownership Information Report can be complex, but Leading Taxes LLC is here to simplify the process for you. Our dedicated team of experts is committed to providing you with the support you need for accurate reporting and compliance. Contact us today to schedule a consultation and learn how we can assist with your BOIR compliance needs!
FATCA (Foreign Account Tax Compliance Act)
Reportable assets under FATCA include:
- Foreign bank and brokerage accounts: Similar to FBAR, any foreign financial institution holdings.
- Foreign stock or securities: Stocks or bonds issued by a foreign company.
- Foreign partnership interests: Interests in foreign partnerships or corporations.
FATCA penalties for noncompliance can be substantial, starting at $10,000 and increasing with continued non-reporting.
PFIC (Passive Foreign Investment Company)
The IRS classifies certain foreign investments as Passive Foreign Investment Companies (PFICs), which are subject to special tax rules. A PFIC is generally any foreign corporation that meets one of the following tests:
- Income Test: 75% or more of the corporation’s gross income is from passive sources (such as interest, dividends, rent, or royalties).
- Asset Test: 50% or more of the corporation’s assets produce passive income.
Common Examples of PFICs:
- Foreign mutual funds: Often considered PFICs because their income comes primarily from passive sources.
- Foreign-based ETFs (Exchange-Traded Funds): Many foreign ETFs also qualify as PFICs.
- Foreign real estate investment companies: If these companies derive income from passive sources (e.g., rental income), they may be classified as PFICs.
PFICs are subject to complex tax rules that often result in higher taxes and reporting requirements. If you own shares in a PFIC, you may need to file Form 8621 with your tax return, disclosing income, gains, and distributions from the PFIC.
How We Help with FBAR, FATCA, and PFIC Compliance
At Leading Taxes LLC, our team of CPAs and EAs specializes in foreign asset reporting and will ensure you stay compliant with all applicable regulations.
FBAR Services:
- Determine reporting requirements: We’ll assess whether you meet the FBAR filing threshold and gather the necessary information about your foreign accounts.
- Prepare and submit FBAR: We will complete and electronically submit your FBAR to FinCEN on your behalf, ensuring full compliance.
FATCA Services:
- Review foreign assets: Our team will review your foreign financial assets to determine if you meet FATCA thresholds.
- Form 8938 preparation: We will prepare and submit Form 8938, reporting your foreign assets accurately on your tax return.
PFIC Reporting:
- Identify PFIC holdings: We will evaluate your foreign investments to determine if they meet PFIC criteria.
- Form 8621 filing: We’ll handle the preparation and filing of Form 8621 to report your PFIC income, gains, or distributions.
Why Choose Leading Taxes LLC?
- Expertise in International Tax Compliance: With years of experience handling FBAR, FATCA, and PFIC reporting, our CPAs and EAs have the expertise needed to navigate these complex requirements.
- Comprehensive Services: We provide end-to-end support, from assessing your foreign assets to preparing and filing the required forms.
- Minimized Penalties: We ensure that you meet all deadlines and reporting requirements, helping you avoid significant penalties for non-compliance.
- Tailored Solutions: Every taxpayer’s situation is unique. We offer personalized guidance based on your financial situation and foreign holdings.
Let Leading Taxes LLC Handle Your Foreign Reporting Requirements. Whether you have foreign bank accounts, investment funds, or other financial assets abroad, Leading Taxes LLC will ensure your FBAR, FATCA, and PFIC obligations are met. Don’t let the complexity of international tax reporting overwhelm you—our team of professionals is here to help.
Contact us today for a consultation and take the stress out of international tax compliance.