If you own a clinic, it’s crucial to be aware of the Beneficial Ownership Information Report (BOIR), a new requirement under the Corporate Transparency Act (CTA). This mandate applies to U.S. businesses, including some clinics and therapy practices, aimed at increasing transparency in business ownership and curbing financial crimes. As clinic owners, you must ensure compliance to avoid penalties.
What is the Beneficial Ownership Information Report (BOIR)?
The BOIR is a report required by the Financial Crimes Enforcement Network (FinCEN), designed to provide clear ownership information about U.S. businesses. Its objective is to help prevent money laundering, fraud, and other financial crimes by ensuring that beneficial owners of businesses are properly documented.
Key Points for Clinic Owners:
- Required by FinCEN: Applies to most U.S. businesses, including it may apply to healthcare providers and clinics.
- Deadline: The deadline for filing is January 1st, 2025. Businesses failing to comply could face penalties of up to $500 per day.
- Applicability: This requirement is crucial for clinics that operate under a corporate structure (such as an LLC, partnership, or corporation).
What Information Needs to Be Reported?
Clinic owners may need to submit key details (if this applies to you) about the beneficial owners of the clinic, which includes:
- Full legal name of the owner(s)
- Date of birth
- Current residential or business address
- A unique identifying number (e.g., a passport or driver’s license)
Why is the BOIR Important for Your Clinic?
Filing the BOIR isn’t just about compliance. It’s a step toward:
- Preventing Financial Crimes: Clinics, like other businesses, can be targets of money laundering and financial fraud.
- Improving Corporate Accountability: Having clear ownership information helps strengthen the integrity of your clinic’s operations.
- Supporting Law Enforcement: It aids government agencies in investigating and tracking financial crimes.
Stay Compliant with Apollo Practice Management
Running a clinic is already a demanding task, and with these new legal requirements, it’s more important than ever to stay organized. Apollo Practice Management offers advanced reporting features and comprehensive logging capabilities that can assist clinic owners in maintaining necessary records and complying with new regulations.
Make sure you’re ready by looking at regulations that affect your clinic and integrating new compliance requirements into your clinic’s administrative practices. Failure to keep track of regulations could lead to financial penalties and unnecessary stress. Apollo Practice Management’s platform can support your clinic by providing some of the tools you need to stay compliant and efficient, so you can focus on providing quality care to your patients.