The Corporate Transparency Act requires millions of small businesses to file a Beneficial Ownership Information (BOI) report with FinCEN. Most Vietnamese business owners have never heard of it. Many assume their old accountant already filed. Most are wrong — and the penalty clock is already ticking.
BOI reporting was introduced in 2024 under the Corporate Transparency Act. It is a federal government filing, separate from your annual tax return. Many accountants do not automatically include it in their services — you must confirm it was filed.
Our team handles the entire FinCEN submission and sends you the official confirmation receipt — so you can prove compliance immediately.
Our BOI filing specialist will contact you within hours to collect the required information and file your report with FinCEN today.
The Corporate Transparency Act applies to most small businesses formed in the US — including those owned by Vietnamese-Americans.
If you are a Vietnamese small business owner with an LLC — you almost certainly need to file. The exemptions are very narrow and do not apply to most small businesses. When in doubt, it is safer and cheaper to file than to wait and accumulate penalties.
This is the exact progression for business owners who miss or delay their BOI filing.
The Corporate Transparency Act became effective January 1, 2024. No letter was sent to your business. Most accountants did not proactively inform clients. The deadline passed quietly.
Existing companies had until January 1, 2025 to file. Every day after the deadline, $500 in civil penalties accumulates. At 20 days late, that's already $10,000.
The Financial Crimes Enforcement Network is actively cross-referencing state business registrations against BOI filings. Non-filers are being identified and enforcement notices are being issued.
If FinCEN determines your failure to file was willful, penalties escalate to criminal prosecution — up to $10,000 fines and 2 years in prison, separate from civil penalties.
FinCEN does not require proof that you received notice of the law. Ignorance of the requirement does not eliminate the penalty — filing immediately is your best protection.
Simple answers to the questions most Vietnamese business owners are asking right now.
The Beneficial Ownership Information (BOI) Report is a one-time filing submitted to the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury.
Its purpose is to create a federal database of who actually owns and controls small businesses in the US — to combat money laundering, tax evasion, and shell company fraud. Most small business owners are honest — but everyone is required to comply regardless.
The report itself is straightforward. It requires basic information about the company and its beneficial owners (anyone who owns 25%+ or exercises substantial control). It does not require financial information or tax records.
Once filed, you only need to file again if ownership changes — such as adding a new owner, changing your address, or updating an owner's personal information.
Full legal name, date of birth, current home address, and a copy of a government-issued photo ID (passport or driver's license) for each beneficial owner. Plus the company's legal name, EIN, and state of formation.
One-time — unless your ownership structure changes. If you add a new business partner, change your address, or a new person gains control, you must update the report within 30 days of the change.
No. BOI filing is a federal compliance requirement separate from tax preparation. Most accountants did not automatically include it in their standard services. You must confirm directly whether your report has been submitted to FinCEN.
File as soon as possible. Voluntary late filing is viewed more favorably than continued non-compliance. Our team can file your report today and help you document your good-faith effort to comply.
All beneficial owners (anyone with 25%+ ownership or substantial control) must be reported. We collect and verify information for all owners as part of our complete filing service.
We handle everything from information gathering to FinCEN submission, so you have documented proof of compliance by tomorrow.
We guide you through exactly what's needed — no guesswork, no confusing government forms. We collect everything securely.
We verify your exemption status and confirm all beneficial owners are correctly identified before filing.
We submit your BOI report directly to FinCEN and provide the official confirmation receipt within 24 hours.
You receive the FinCEN-stamped confirmation document — proof that your business is compliant, kept on file for your records.
We monitor for ownership changes and alert you when an updated BOI report is required — so you never miss a 30-day update deadline.
Our team explains every step in Vietnamese — so you understand exactly what you're filing and why, with zero confusion.
Since 2013, Netfintax has helped Vietnamese-American small business owners stay compliant with federal and state regulations — in their language, without the confusion.
We were among the first accounting firms to offer BOI filing services specifically for Vietnamese-owned LLCs and corporations. We've helped hundreds of business owners get compliant quickly and confidently.
Mon–Fri, 8am–5pm EST. In Vietnamese or English.