Posted on 11/11/2024 7:22:30 AM PST by IC Ken
I was never informed of this till I received an email from my accountant. A new Federal filing requirement for all incorporated and limited liability companies must be filed on or before December 31, 2024. Called the Business Ownership Information (BOI) report with the U.S. Department of the Treasury Crimes Enforcement Network (FinCEN). Disregarded entities are also required to file.
Penalties for failure to file are $591 per day! You can also face an additional $10,000 criminal penalty and up to two years in prison.
Please see the attached pdf. The link below is the site to register.
https://www.fincen.gov/boi-faqs
The FinCEN number only simplifies future business with FinCEN, such as changing BOD personnel. Also, some companies have other FinCEN registration and reporting requirements so they may opt to create an account.
Ironically, a good friend of mine is a financial services expert and failed to mention this to me. He is buried deep in the FinCEN and other regulatory compliance worlds, but he thought everyone already knew.
Sole Proprietors just file a 1040 - personal income tax.
Strangling small business with relentless regulation and new taxes has a whiff of WEF about it.
I don’t believe that for a minute.
How about charitable 501(c)3 organizations?
Same here, my buddy who’s a lawyer gave me a heads up a month ago and this is my reminder to get it filed.
Even though it’s totally unnecessary and a perfect example of what Vivek described as a runaway bureaucracy “finding things to do”.
Let’s hope this is on Elon’s list of nuts to cut.
yes.
Nonprofit’s are not required to file, but only 503(c) and another type of 509(?)s are exempt. There is a list of 23 entities that do not need to file.
HOAs are required to file even though most are nonprofit.
Thanks
Is this information public accessible? Does the Federal Reserve have to file???
THAT is some information I would like to have...
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