Every company in the transportation industry has heard about the BOC-3 filing. It is necessary to obtain it before you can operate in the United States. A BOC-3 form is used to report profits accurately, including the balance sheet, income statement, and cash flow statement.
Many people can overlook the importance of a BOC-3 form as they are busy with the administrative duties of starting a trucking company. However, what entails from overlooking this important filing can result in penalties and non-compliance with the law.
Here are some of the most important things you must know about a BOC-3 form filing.
The filing process for boc 3 in a process service is very easy and friendly. Many people want to know whether they can file their own BOC-3 form. The answer is yes, but only if you do not own a commercial automobile.
However, you may have to do it through an agent if you are a motor carrier. Your BOC-3 agent must have all the information about your gross receipts, total expenses, and business type. It just takes three small steps to file a BOC-3.
- Record your income and expenses in the BOC 3 form
- File your forms with the Internal Revenue Service (IRS)
- Receive the bill from the IRS with your total tax liability
You or your agent may need to fill out the form depending on the circumstances. It is best to ensure that there are no mistakes in this process or you may have to opt for resubmission. The BOC-3 form usually requires the following details.
- Name and address of your business
- Name, title, and other details of the authorized person on behalf of your business
- Name and Addresses of all BOC-3 process agents in different states
A BOC-3 agent is a person you choose to accept all the legal documents, such as an order, complaint, or legal documentation on your behalf. Such agents must be present in every state that your business operates in. These agents must be present at the provided addresses during the pre-decided business hours.
It is legal to select agents to take action on your behalf. It is up to you to grant them this power or not. Hence, your process agents can make your life a lot easier by taking care of the legal things so that you can focus on the bigger picture of your business.
Cost of the Process
There is no fixed cost of filing BOC-3. Depending on the services you seek, it can differ from one agent to another. Of course, they may cost you less if you get them on board for BOC-3 filing only. However, many businesses also consider buying additional legal and consultation services to make their journey easier.
After all, the rules, regulations, and requirements of FMCSA can be very complex. In such circumstances, relying on experts rather than making irreversible mistakes is best. The presence of an expert can make you feel more confident about the smooth processes of your trucking company.