Businesses Entities Must Register with FinCEN
ATTENTION: BUSINESS OWNERS – BENEFICIAL OWNERSHIP INFORMATION (BOI)
All Businesses Entities Must Register with FinCEN by the end of 2024
The Corporate Transparency Act, effective from January 2024, mandates that all small businesses register with the Financial Crimes Enforcement Network (FinCEN) by the end of 2024. FinCEN, a bureau of the United States Department of the Treasury, aims to safeguard the financial system from illicit use, combat money laundering, and promote national security through the collection, analysis, and dissemination of financial intelligence.
Key Points:
- Registration Deadlines:
- Small businesses registered before 2024 must register with FinCEN by the end of 2024.
- Small businesses that started as of January 2024 have 90 days after their state registration to register with FinCEN.
- Registration Process: Registration involves completing the Beneficial Ownership Information with FinCEN.
- The information required pertains to the main business beneficiaries.
- Registration is perpetual, requiring only one-time submission, but updates must be filed within 30 days of any changes.
- Exceptions: Tax-exempt entities and sole proprietorships are not required to register.
- Penalties: Failure to register can result in a penalty of $591 per day, up to $10,000, along with potential criminal and civil penalties.
To register your business, go https://fincen.gov/.
To register your business with support and assurance of complete report, go https://partners.fileforms.io/l/46824678/
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