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BOI Filing Services for Dentists

BOI Filing Services for Dentists

Make Compliance Effortless with Engage Advisors

If you own 25% or more of an active dental practice, rental real estate, or have investments in LLCs, corporations, or other entities, compliance with the Corporate Transparency Act (CTA) is crucial. Missing key details or filing incorrectly could result in fines or penalties. Learn more about the Corporate Transparency Act and how it impacts your business by exploring the FAQs below, or save time and hire us to file for you.

CLICK HERE to Get Expert Help with Your BOI Filing

FAQS

What is the BOI Report?

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Starting January 1, 2024, most newly formed companies are required by federal law to submit a Beneficial Ownership Information Report to the Financial Crimes Enforcement Office (FinCEN) within 90 days of creation or registration. Companies formed before January 1, 2024 have until December 31, 2024 to submit an Initial BOI Report. Failure to comply with this requirement comes with steep financial penalties and possible jail time, so it’s important to make sure you’re compliant! Up-to-date information about this requirement (including possible exemptions) is available on FinCEN’s website. You can hire us to file the initial BOI Report for your company, or you can do it yourself using FinCEN’s online portal.

Who is required to submit a BOI report?

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All non-exempt LLCs and corporations formed or registered to do business in the US must file a BOI report to FinCEN. If you formed an LLC to register your vehicle, then you are required to submit a BOI report.

Are there any exemptions to filing the BOI Report?

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"FinCEN lists possible exemptions to the BOI reporting requirements here. The most likely exclusion that could apply to dentists would be the large employer exemptions. To qualify for this exemption, the office must have had more than 20 employees and $5 million in annual revenue in 2023. Also, if you have an entity that has no transactional activity and owns no assets, at all, it would likely fall under the inactive entity exemption. Note that dissolving your company is not a way to avoid the BOI reporting requirement.

Who qualifies as a beneficial owner?

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A beneficial owner for an LLC is any individual who owns 25% or more of the company, or exercises substantial control over the business (e.g., managers), or receives substantial economic benefits from the business assets. For corporations, beneficial owners include individuals in positions such as CEO, CFO, General Counsel, or anyone with similar authority. This may include any “middle man” who acts as an owner, even if they don’t hold the majority control.

What is a company applicant?

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For companies formed on or after Jan. 1, 2024, you’ll need to provide identifying information for the individual who formed or registered the company with the state.

Do I need to have an EIN to file a BOI report?

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How does your company file taxes? If your company has an EIN, you must use it. If you don’t have an EIN for your company yet, FinCEN recommends obtaining one as soon as possible and submitting your BOI report as soon as you get one.

What if I don’t have a U.S. address for my company?

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If there is not a U.S. address where your company conducts business, FinCEN allows you to use your Registered Agent Address, so long as it is on file with your state.

What is a FinCEN ID?

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FinCEN issues identification numbers for companies and individuals. When filing a BOI report for a company, you have the option to request a Company FinCEN ID. Individuals can also have FinCEN IDs, which can be used in place of Beneficial Owner or Company Applicant identifying information on the BOI report. This can be beneficial if you are listed as a Beneficial Owner for multiple companies.

What information do I need to provide on a BOI Report?

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You’ll need to provide specific details for your company’s physical address, beneficial owners, company applicants, and taxpayer identification number (EIN). Full details of what is required can be found on FinCEN’s website.

How do I obtain a FinCEN ID for myself?

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To obtain a FinCEN ID for an individual, visit FinCEN.gov , and sign in with your LOGIN.GOV credentials. Once you login, follow the prompts and provide the necessary information, including images of your driver's license, to complete the process.

How Engage Advisors Can Help Dentists File Their Beneficial Owners Information (BOI) Report

We specialize in simplifying compliance so you don’t have to worry about the details. From registration to filing your BOI reports, we ensure accuracy and timeliness, so you can focus on what matters most—running your business. This is a one-time service that will require some documents, including a valid ID, and will incur an additional fee (members included).

Take the Stress Out of Compliance – Let Us Handle Your BOI Report

CLICK HERE to Get Expert Help with Your BOI Filing

New to Engage?

Interested in learning more about what we can take off your plate? Discuss your compliance needs and how we can help your practice stay on track in 2024. Schedule a Consultation Today

Got questions on the Corporate Transparency Act? Learn more about the new federal BOI requirements. Save time and hire us to file it for you.

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