--- title: "Attention Business Owners: Don't Miss Out on FinCEN's Latest Reporting Requirements - Your LLC/INC Action Required!" description: This isn't just another business update; it's a new federal requirement for your LLC/INC to file by the due date, or face penalties! image: https://media.insognacpa.com/hubfs/teal-background.png --- [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) [![Insogna logo small](https://media.insognacpa.com/hs-fs/hubfs/Insogna%20logo%20small.png?width=300&height=73&name=Insogna%20logo%20small.png "Insogna logo small")](https://insognacpa.com/) Content Title Description < Previous page Next page > [Why Us](https://insognacpa.com/why-us) | [Business Accounting](https://insognacpa.com/business-accounting) | [Fractional CFO](https://insognacpa.com/fractional-cfo) | [Minimizing Taxes](https://insognacpa.com/tax-strategy/) [Building Wealth](https://insognacpa.com/building-wealth) | [Learning Center](https://insognacpa.com/learning-center)| [Contact Us](https://insognacpa-6129290.hs-sites.com/en-us/contact-us) [Business Tax](https://media.insognacpa.com/blog/tag/business-tax) # Attention Business Owners: Don't Miss Out on FinCEN's Latest Reporting Requirements - Your LLC/INC Action Required! By [Chase Insogna, CPA](https://media.insognacpa.com/blog/author/chase-insogna-cpa) Dec 4, 2023 9:42:18 AM 1 Minute Read Hey there, business owners! Your friendly Insogna CPA team here again, doubling down on the crucial info you need about FinCEN's new rule. This isn't just another business update; it's a new federal requirement for your LLC/INC to file by the due date, or face penalties! So, let's dive in... ## The Star of the Show - FinCEN’s Reporting Rule Starting January 1, 2024, the new FinCEN's Beneficial Ownership Information Reporting Rule is stepping into the spotlight. This rule isn’t just for show; it’s a requirement to report to the U.S. Government that ensures transparency in business ownership. Think of it like an exclusive event where you need to know who’s who – it’s all about the government understanding who are the real power players in your business. ## Meet the VIPs 1. **Beneficial Owners:** These are the people owning or controlling at least 25% of your company or holding the reins behind the scenes. 2. **Company Applicants:** These are the people who got the ball rolling for your company, the ones who did the paperwork hustle (like us at Insogna CPA, if we’re helping file this for you). ## Key Dates - Don’t Miss Out or Face FinCEN Penalties - **Already in Business?** If your company was set up before January 1, 2024, mark January 1, 2025, on your calendar. That's your deadline to file the first report. - **Starting Fresh?** Companies born on or after January 1, 2024, have a 30-day window post-registration to get their reporting done. ### Who Needs to Report? Not every company will be on FinCEN's dance card. There's a specific list of who needs to report and who's exempt. Dive into the [FinCEN guide](https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf) to see if your company makes the cut. ### Consequences of Breaking the Rules This is serious business. If you miss your reporting deadline or try to pull a fast one with false info, FinCEN won’t be throwing confetti. Expect hefty fines or, worse, a stint behind bars. ### How to File Your Report From January 1, 2024, all reports go through FinCEN’s secure electronic system. They’re committed to making this as smooth as possible (that’s to be determined). 😀 ## Need More Info? Everything you need is just a click away at [www.fincen.gov/boi](http://www.fincen.gov/boi). ## Got a question and need help filing? Our team at Insogna CPA is here to help! [Contact us](https://insognacpa.com/contact-us/) to make sure you stay compliant and avoid penalties. As a reminder, any existing LLC/INC has a full year from now (until Jan 1, 2025) to get this done, so not immediate but also not something to procrastinate and forget. 😀 ## Recommended For You [![corporate transparency act](https://media.insognacpa.com/hubfs/corporate-transparency-act.png)](https://media.insognacpa.com/blog/corporate-transparency-act) [Business Tax](https://media.insognacpa.com/blog/tag/business-tax) 1 Min Read ### [Corporate Transparency Act Reporting Requirements - Your Action Required!](https://media.insognacpa.com/blog/corporate-transparency-act) [![Picture of Chase Insogna, CPA](https://media.insognacpa.com/hubfs/Chase-Insogna-1024x1024.png) Chase Insogna, CPA Nov 14, 2023 12:22:09 PM](https://media.insognacpa.com/blog/author/chase-insogna-cpa) [![partnership compliance requirements](https://media.insognacpa.com/hubfs/partnerhip.png)](https://media.insognacpa.com/blog/navigating-partnership-compliance-requirements-what-you-need-to-know) [Business Tax](https://media.insognacpa.com/blog/tag/business-tax) 1 Min Read ### [Navigating Partnership Compliance Requirements: What You Need to Know](https://media.insognacpa.com/blog/navigating-partnership-compliance-requirements-what-you-need-to-know) [![Picture of Chase Insogna, CPA](https://media.insognacpa.com/hubfs/Chase-Insogna-1024x1024.png) Chase Insogna, CPA Feb 28, 2023 9:38:00 AM](https://media.insognacpa.com/blog/author/chase-insogna-cpa) [![mileage log](https://media.insognacpa.com/hubfs/mileage-log.png)](https://media.insognacpa.com/blog/mileage-log-for-business-owners) [Business Tax](https://media.insognacpa.com/blog/tag/business-tax) 1 Min Read ### [Don't Flake on Your Mileage Log: A Cautionary Tale for Business Owners](https://media.insognacpa.com/blog/mileage-log-for-business-owners) [![Picture of Chase Insogna, CPA](https://media.insognacpa.com/hubfs/Chase-Insogna-1024x1024.png) Chase Insogna, CPA Sep 18, 2023 3:47:12 PM](https://media.insognacpa.com/blog/author/chase-insogna-cpa) Insogna CPA 3355 Bee Cave Road, Suite 503 Austin TX 78746 (512) 891-8200 - [Contact Us](https://insognacpa.com/contact-us/) - [Customer Reviews](https://insognacpa.com/testimonials-and-reviews/) - [Careers at Insogna CPA](https://insognacpa.com/careers/) - [Privacy Policy](https://insognacpa.com/privacy-policy/) - [Texas Board of Accountancy License](https://www.tsbpa.texas.gov/php/fpl/frmlookup.php?x=T71ujVIEr%2Fg%3D) [Follow us on Facebook](https://www.facebook.com/InsognaCPAs) [Follow us on LinkedIn](https://www.linkedin.com/company/insognacpa-com/) [Follow us on Twitter](https://twitter.com/InsognaCPA) [Follow us on Instagram](https://www.instagram.com/insognacpa/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Chase Insogna, CPA", "url" : "https://media.insognacpa.com/blog/author/chase-insogna-cpa" }, "dateModified" : "2023-12-04T16:24:27.660Z", "datePublished" : "2023-12-04T15:42:18.000Z", "headline" : "Attention Business Owners: Don't Miss Out on FinCEN's Latest Reporting Requirements - Your LLC/INC Action Required!", "image" : [ "https://media.insognacpa.com/hubfs/teal-background.png" ], "mainEntityOfPage" : { "@id" : "https://media.insognacpa.com/blog/fincens-latest-reporting-requirements", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://media.insognacpa.com/hubfs/InsognaLogoSite2020.png" }, "name" : "Insogna CPA" } } ```