FinCEN BOI reporting is a mandatory NEW business filing PLEASE READ!

FinCenBOI

If you have an established company or are planning on starting a new company in 2024 or beyond, please read this letter carefully.

What Is FinCEN BOI Reporting?

FinCEN BOI reporting is a mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025. This requirement comes from a new law called the Corporate Transparency Act that was passed to enhance the government’s efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement will start soon for existing companies and starts immediately for companies formed in 2024 and it is enforced by potential penalties including fines of $500 per day up to $10,000.

Who Is Affected? 

Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, trusts that hold business entities, and other legally created business entities in any U.S. State. The majority of for-profit business entities will be required to file this report unless they qualify for an exemption. Find out if you may qualify for an exemption on this page. 

Even if your entity is not required to file a tax return, it may have a requirement to file a BOI report, since this reporting can apply to any entity formed with a state or other authority including but not limited to LLCs that only hold real estate or intellectual property.

Can We File Your FinCEN report? 

Yes, our firm can file your report. Please reach out to us at BOI@hellamvaron.com if you would like help with this mandatory filing. We use a specialized web platform to make this process easy for you. This platform will securely and quickly collect your filing information for our firm to let us complete your report.

What Are the Due Dates?

1) Entities created before January 1, 2024, will have until January 1, 2025 to submit the report.

2) Entities created on or after January 1, 2024 and before January 1, 2025, will have 90 days from creation or registration to submit the report.

3) Entities created on or after January 1, 2025, will have 30 days from creation or registration to submit the report.

What next steps should I take?

Respond to the following email if you have not yet fulfilled your reporting requirement and would like our assistance. BOI@hellamvaron.com

Additional Information

In January of this year, we sent out a communication regarding the Corporate Transparency Act. Please refer to the following link to this article now located on our website for additional information. https://hellamvaron.com/uncategorized/does-your-business-have-to-comply-with-new-corporate-reporting-rules/

— Hellam Varon & Co.

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