Your LLC Could Cost You Up To $500 in 2024!
September 06, 2024 | Business News

What’s Happening?
The Corporate Transparency Act will take effect on 1/1/2024 and will require business owners to file information about their business with the FinCEN. FinCEN is the Financial Crimes Enforcement Network and is a government agency.
You will have to file a beneficial ownership information report with this government agency. This report will identify the individual(s) who own/control the company.
A company created or registered to do business before 1/1/2024 has until 1/1/2025 to file.
A company created or registered to do business after 1/1/2024 will have 90 days to file from the date you receive notice of the creation or registration of such company.
A company created or registered after 1/1/2025 will have 30 days from the date of notice.
Is there a list of FAQ's?
Yes! You can download it here!
Why Are They Changing This?
The government is cracking down on illicit business activity.
Who Needs To Know About This?
This applies to you if you own an LLC, limited partnership or corporation with less than 20 employees! There is a list of exempt entities on their website. See Here
Will There Be A Fee To Submit The BOI report?
No
Where Do I File?
FinCEN’s beneficial ownership information webpage.
What Happens If You Fail To Do This?
“As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information. ” This means you could also be fined if you submit false information or update or fail to correct report information.
How Do You File?
You can’t file until 1/1/2024.
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