Professional service firms such as law practices, consulting agencies, architectural firms, and engineering companies are built around expertise, relationships, and delivering high-value results. While these firms excel in their core disciplines, managing the financial side of the business often becomes a time-consuming and stressful task. Bookkeeping, in particular, can drain resources and distract from client service. That is why more and more professional service firms are turning to outsourced bookkeeping to streamline operations and improve their financial health.
BOI is Live. As of 1/1/24, BOI reporting with FinCEN is now LIVE. This is an online filing that owners of businesses can do themselves, or hire a 3rd party to complete for them.
There were some lingering questions that had not been answered that FinCEN is actively updating their FAQ’s page with that’s incredibly robust and we encourage you to check out if you have any questions around the filing.
One of the primary concerns we’ve been hearing about via the comment section of social media posts is privacy – does this new filing remove the protections provided by registering your LLC/Inc in states that don’t publicly publish owner information?
The answer to this is no. FinCEN filings aren’t public information and aren’t searchable by anyone off the street. Instead, the information filed is available only to a small, set list of enforcement agencies or financial institutions, who have to follow the requirements around confidentiality and security when obtaining the information again, this new reporting requirement is meant to curb money laundering and financial crimes by giving the government more clarity into the ownership of registered entities.
