Baraboo, Wis., July 29, 2024 – MBE CPAs, a leading provider of accounting, tax, consulting, and other professional services, announces their comprehensive offering to assist businesses in filing Beneficial Ownership Information (BOI) reports as required by the Corporate Transparency Act (CTA). 

The CTA mandates businesses to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to curb money laundering and other illegal activities. 

MBE CPAs' advisory services include preparing the initial BOI report based on the information and documentation provided by clients and submitting it to FinCEN. "We are dedicated to guiding businesses through the process, providing support in determining whether an exemption applies, understanding reporting requirements, and facilitating timely submissions," said Partner Greg Patel. 

In addition to the initial filing, MBE CPAs stresses the need for businesses to prepare for filing updated BOI reports whenever changes occur within the organization or among beneficial owners. Patel explained, “Your beneficial owners may get married or move into a new home. These life events trigger the updated filing of BOI reports as they essentially change information like their name or home address.”  

He further emphasized, “With a tight 30-day deadline, it is crucial to identify trigger points for updated filings. My team and I offer the expertise to support ongoing compliance.” 

With the January 1, 2025 deadline nearing for existing businesses and the 90-day filing requirement for newly formed entities, businesses can rely on MBE CPAs for valuable guidance and support throughout the BOI reporting process. 

Businesses interested in leveraging MBE CPAs' expertise for BOI reporting can visit https://mbe.cpa/beneficial-ownership-information/ for more information and to access the necessary resources for compliance. 

MBE CPAs is a diversified accounting firm that offers a wide range of services, including assurance, business consulting and valuations, tax preparation and planning, trusts and estates, and sales and local tax advising. MBE CPAs has an extended network of locations, including 11 branches in Wisconsin, Chandler, AZ, Phoenix, AZ, Scottsbluff, NE, and Kimball, NE.