The new Beneficial Ownership Information (BOI) filing requirements are now in effect, and the deadlines are fast approaching. Don’t risk compliance headaches or costly penalties – including a $591 daily fine and possible criminal charges – let us handle this for you.

For most dental practices, BOI filing isn’t complicated but ensuring accuracy and protecting your sensitive business information is essential. Don’t outsource filing to a shady third-party vendor, as many are turning out to be. If you’d like to tackle it yourself, FinCEN’s website offers a straightforward filing option. 

Filing Deadlines for Existing Entities:

• BOI report due by December 31, 2024
• Contact us by December 2, 2024, for assistance

For those looking to take this off their plate entirely, our team at Edwards & Associates has the expertise to manage it seamlessly and securely. We’ll guide you through every step, making sure your filing is complete, compliant, and worry-free.

Contact us today and let us handle this so you can focus on what you do best — caring for your patients.

BOI Reporting FAQ

The process for BOI filing can be straightforward for small dental practices. Here are six critical questions to guide you through whether and how to file:

1. Does My Practice Need to File?

Most dental practices will need to file, especially if structured as corporations, LLCs, or partnerships registered with a state. There are 23 types of exempt companies, but most small, privately owned dental practices do not qualify for these exemptions.

2. Who Qualifies as a Beneficial Owner?

A ‘beneficial owner’ includes individuals who:

• Exercise substantial control over the business, or
• Own or control at least 25% of the company’s equity interests.

For dental practices, this typically means the practice owners themselves. Exceptions exist, including minor children, employees without ownership stakes, and certain creditors.

3. Who Is Considered a Company Applicant?

A company applicant is anyone who files the registration paperwork for your entity or directs that filing. In most cases, this will include the practice owner, or anyone designated to handle legal filings.

4. What Information Will I Need to Gather?

When preparing your BOI report, you’ll need the following details:

• For the Company: Legal name, DBA names, primary U.S. business address, jurisdiction of formation, and tax identification number.
• For Each Beneficial Owner and Applicant: Full legal name, birthdate, residential or business address, and a valid ID number (e.g., passport or driver’s license).

5. What Is a FinCEN Identifier, and Should You Consider It?

A FinCEN Identifier is an optional unique number that you or your company can request, simplifying the reporting process by allowing you to file your BOI without disclosing sensitive personal details like a Social Security Number. If privacy is a concern, this may be worth considering.

6. How Do I File My BOI Report?

The BOI report can be filed electronically here on FinCEN’s website. Before starting, make sure you have all necessary information ready to avoid delays or errors.