11/19/2024
Is your small business ready to be fined $591 per day starting January 1, 2025?
So, many of you have not heard of this and its why we are sending this out. There is a new filing requirement for most businesses that is due December, 31, 2024. Those that do not file will incur a penalty of $591 per day starting January 1, 2025. I'm hoping this gets your attention and you read on:
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 new mandatory NEW business filing requiring most U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. 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 started in 2024 and it is enforced by potential penalties including fines of $591 per day up to $10,000.
Who Is Affected?
Entities required to report under this regulation include corporations, limited liability companies, s-corps, LLPs, and other entities created by filing a document with any U.S. State. The majority of for-profit business entities will be required to file this report unless they qualify for an exemption. You can find out if you have an exemption easily on this page.
Can We File Your FinCEN report?
Yes, our firm can file your report. Please reach out or reply to this email if you would like help with this mandatory filing. We use a specialized web platform, FincenFetch, 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 Jan. 1, 2024, will have until Jan. 1, 2025 to submit the report.
2) Entities created on or after January 1, 2024 and before Jan 1, 2025, will have 90 days from creation or registration to submit the report.
3) Entities created on or after Jan. 1, 2025, will have 30 days from creation or registration to submit the report.
What next steps should I take?
For more information or to get started, please respond to this email. We have invested in some state of the art software to do this filing for our clients and non clients like. In addition, we are providing an "Early Bird" Special of 10% off our initial filing fee to those that provide us the information needed by November 30, 2024. What's needed? Basically answering a few questions, uploading your drivers license to the secure server and we will take it from there. Do not wait on this. Given the penalties involved, we do not want to have to attempt to abate penalties on this filing in the midst of our crazy tax season.
