A federal law called the Corporate Transparency Act effective January 1, 2024, requires almost all U.S. companies to file a FinCEN Beneficial Owner Information report with the Financial Crimes Enforcement Network of the U.S. Treasury (“FinCEN“) or the company can be fined $500 a day for a late report. Companies formed before 2024 must file no later than December 31, 2024. Companies formed in 2024 must file within 90 days of their formation date.
My son and I own a company called FinCEN Filer, LLC, that files FinCEN BOI reports. To learn more about the Corporate Transparency Act read How to Avoid the $500/Day Fine and articles and blog posts on FinCEN Filer’s website. Watch these FinCEN Filer videos: 1. What Info Must be Reported, 2. Definition of Beneficial Owner, 3. What Beneficial Owner Information is in a FinCEN BOI Report, 4. Alert: Legal Consequences of Filing a False FinCEN Report, and 5. Our FinCEN BOI Report Services.
How to Hire FinCEN Filer to File a FinCEN BOI Report
Go to https://fincenfiler.com/services
Warning: If you are an owner of a U.S. company you need to be aware of the due date of your company’s FinCEN BOI report. Reports are due:
- December 31, 2024, for companies created before 2024,
- 90 days after the company was formed if it is formed in 2024, or
- 30 days after the company was formed if it was formed after 2024.
How the CTA Affects Your Entity
Here is a brief summary of the CTA:
- Almost ALL existing companies and companies formed in the future are or will be reporting companies that must report the required information to FinCEN. See the definition of required information.
- A beneficial owner is an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise (i) exercises substantial control over the entity, or (ii) owns or controls not less than 25 percent of the ownership interests of the entity. See the definition of beneficial owner.
- The following is the required information about each beneficial owner and applicant that the reporting company must report to FinCEN: (i) full legal name, (ii) date of birth, (iii) current, as of the date on which the report is delivered to FinCEN, residential address, and (iv) the unique identifying number from the beneficial owner’s or applicant’s acceptable identification document or the beneficial owner’s or applicant’s FinCEN identifier number. See the definition of required information.
- A reporting company that violates the CTA shall be liable to the United States for a civil penalty of up to $500 for each day that the violation continues or has not been remedied; and may be fined not more than $10,000, imprisoned for not more than 2 years, or both.
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