We appreciate your selection of Polaris Tax & Accounting to assist you with your Beneficial Ownership Reporting (BOI) Report. This communication serves to confirm the terms of our engagement and delineate the scope of the services we will provide.
Our commitment involves the preparation of your BOI report based on the information supplied by you. This information will be gathered through the utilization of a digital organizer, client interviews, or a combination of both methods. Upon completion of the BOI report, we will furnish you with a copy of the submitted document and/or confirmation. It is assumed that the information in your Digital Organizer and any additional details provided to us are accurate, true, correct, and complete. Consequently, your submission of the digital organizer authorizes our Firm to submit your BOI Report to the Financial Crimes Enforcement Network (FinCEN) bureau of the United States Department of the Treasury. We will be held harmless by any errors or misstatements in the information you provide to us, and our firm reserves the right to charge an additional fee for modifications resulting from such inaccuracies.
As per the general due diligence standards of our profession, we may rely in good faith on information provided by you or third parties, including previously filed returns, to prepare and file your BOI Report. Although we may request additional information from you, our firm will not independently audit, review, or verify the data submitted. We reserve the right to make reasonable inquiries if the provided information appears to be incorrect, incomplete, or inconsistent.
You agree to hold us harmless for any errors in your BOI Report resulting from our good-faith reliance on information reported by you or from your prior tax returns. If amendments to previously filed BOI reports are required due to our reliance on inaccurate information from you, additional billing may apply.
Both individuals and corporate entities can be held liable for willful violations of BOI reporting requirements. Civil penalties of up to $500 per day may be imposed for willful violations, along with potential criminal penalties of up to two years imprisonment and a fine of up to $10,000.
Timely provision of all necessary information is crucial for meeting filing deadlines, and you are responsible for any penalties associated with failure to file the BOI report. You must remain engaged in the process, responsive to requests, and aware of deadlines.
Our policy is to retain records related to this engagement for four years, after which they are destroyed. Original client records will be returned to you upon completion of our services. It is your responsibility to retain and protect these records for potential future use.
Confidential communications may be exchanged via facsimile transmission or email. While we strive to secure such communications, we cannot control unauthorized interceptions once sent. Your consent to the use of electronic communication is assumed during this engagement.
For legal advice or interpretation of BOI rules and guidance, we recommend consulting qualified legal advisors, as Polaris Tax & Accounting is not a Legal Firm and cannot provide legal advice.
Should you decide not to proceed with the filing process after the initiation or completion of your BOI Report, you remain responsible for the full invoice amount associated with its preparation, and immediate payment will be required.
The invoice is due prior to the commencement of this engagement. In case of disputes, the parties agree to attempt mediation in good faith, administered by the American Arbitration Association, before proceeding to arbitration. Mediation costs shall be shared equally by all parties.