01/23/2024
To all of you who are part of an LLC, LLP, PLLC, Corporation, or other entity registered with your Secretary of State, you need to be aware that when Congress passed the Corporate Transparency Act your business or rental property may be required to file Beneficial Ownership Information (BOI) with the Treasury Department's Financial Crimes Enforcement Network FinCen.
Many business owners are not aware of this requirement. You may need to undertake this registration for your business if someone else in your business has not already done so.
Failing to file is a potential felony with two years of prison time, plus a $500 daily penalty. To learn more, be sure you visit this website: www.fincen.gov/boi.
This is not part of filing a tax return or the IRS. Our firm does not register entities with FinCEN. This is something that should be done by the business owner. We strongly recommend that you do NOT use unknown 3rd party solicitors to assist you, because they could use this confidential information to steal your or your company's identity or data.
Companies formed and registered with their Secretary of State in 2024 have 90 days to file with FinCEN, but companies who registered with their Secretary of State before 2024 have until December, 2024 to file. Once a company has filed with FinCEN, they must update their filing within 30 days of certain changes.
Happy reading!
