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
- Beneficial Owners: These are the people owning or controlling at least 25% of your company or holding the reins behind the scenes.
- 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 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.
Got a question and need help filing?
Our team at Insogna CPA is here to help!
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. 😀