SPAAR offers members an option for BOI compliance assistance

Start the new year by determining if you need to file a Beneficial Ownership Information (BOI) report and, if so, be sure to file your report before the January 1, 2025, deadline.

SPAAR is collaborating with Wolters Kluwer, a financial services solutions company, to offer members an optional BizFilings Beneficial Ownership reporting solution.

Small businesses, including real estate brokers and property managers, are required to file Beneficial Ownership Information (BOI) reports to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025, per the Corporate Transparency Act.

This Act, which became effective on January 1, 2024, was passed by Congress in 2021 to crack down on money laundering, financing of terrorism, tax fraud and other illegal acts.

Since the regulation's implementation, Wolters Kluwer BizFilings has successfully assisted many entities in the real estate industry with their BOI compliance, helping to streamline and automate the reporting process while reducing both filing times and the risk of errors with FinCEN.

In addition, members who choose to work with Wolters Kluwer for this service will receive a 20 percent discount off the price.

According to Wolters Kluwer staff, those who fail to comply may see fines as high as $591 per day, experience severe penalties, and even jail time.

Take this Beneficial Ownership Information Reporting Quiz to learn if you need to file. If so, get started with Wolters Kluwer here. Or, reach out to a trusted tax professional.

Email spaar@spaar.com to learn more. Click here to read more about Wolters Kluwer.