What is the NEW FinCEN’s Reporting Rule: Things Your LLC/INC Needs to Know

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Hey there, business owners!

Your friendly Insogna CPA team here, bringing you the latest on FinCEN’s new rule that’s set to impact your business.

This isn’t just another update; it’s a crucial federal requirement for your LLC or INC. Miss it, and you could face some serious penalties!

So, let’s break it down…

⭐ The Star of the Show - FinCEN’s Reporting Rule

Starting January 1, 2024, FinCEN’s Beneficial Ownership Information Reporting Rule comes into effect. This rule ensures transparency in business ownership by requiring companies to report key information to the U.S. Government.

Think of it like a guest list for an exclusive event – the government wants to know who the real power players are in your business.

Meet the VIPs

  • 👉 Beneficial Owners: These are individuals owning or controlling at least 25% of your company or holding significant influence behind the scenes.
  • 👉 Company Applicants: These are the folks who got your company up and running – the ones who handled the paperwork (like us at Insogna CPA, if we’re assisting you).

Key Dates - Mark Your Calendar

  • ✅ Already in Business? If your company was established before January 1, 2024, your deadline is January 1, 2025, to file your first report.
  • ✅ Starting Fresh? Companies formed on or after January 1, 2024, have a 30-day window post-registration to complete their reporting.

Who Needs to Report?

Not every company will be required to report. There’s a specific list of who must comply and who’s exempt. Check out the FinCEN guide to see if your company is on the list.

⚠️ Consequences of Missing the Deadline

This is serious. Missing your reporting deadline or providing false information can lead to hefty fines or even imprisonment. FinCEN isn’t messing around.

❓How to File Your Report

Starting January 1, 2024, all reports must be filed through FinCEN’s secure electronic system. They promise a smooth process (fingers crossed!).

Need More Info?

For all the details, visit www.fincen.gov/boi

Got Questions or Need Help Filing?

Hey, we get it – this stuff can be confusing and time-consuming. Don’t stress. At Insogna CPA, we’re here to guide you through every step.

Whether you need help filing or just have a few questions, give us a call. We’ll make sure your business stays compliant, so you can focus on what you do best. Let’s tackle this together!

Insogna CPA