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What Is FINCEN and Why Does It Matter?
FINCEN (Financial Crimes Enforcement Network) was established under the Corporate Transparency Act (2021) to combat money laundering and increase corporate transparency.
All corporations, LLCs, and other entities formed in the U.S. must comply with these new reporting requirements.
Compliance: Who Files and Who Has Access?
Who Must File: Domestic companies, including corporations, LLCs, and similar entities.
Beneficial Owners: anyone with substantial control or 25% or more ownership.
Access to Information: Shared with authorized federal, state, local, and foreign agencies for national security and law enforcement purposes.
Penalties and Filing Assistance
Stay Compliant: Non-compliance with BOIR filing requirements can result in fines up to $500 per day and potential criminal charges.
Expert Assistance: Let Selena Fogg CPA handle your filing to avoid errors and delays.
Peace of Mind: We ensure your business meets all FINCEN requirements accurately and on time.
Affordable, Fast Service: Filing starts at just $500 per entity—save time and avoid penalties.
Key Deadlines and Filing Requirements
Deadlines:
New companies (formed after January 1, 2024): File within 90 days of formation.
Existing companies (formed before January 1, 2024): Deadline is January 1, 2025.
Information to Report:
Company details to prepare: legal name, trade names, principal place of business, jurisdiction, and EIN.
Beneficial Owner Details:
Name, date of birth, address, and valid ID (driver’s license, passport, or tribal ID).
Key Deadlines and Filing Requirements
Deadlines:
New companies (formed after January 1, 2024): File within 90 days of formation.
Existing companies (formed before January 1, 2024):
Deadline is January 1, 2025.
Information to Report:
Company details to prepare: legal name, trade names, principal place of business, jurisdiction, and EIN.
Beneficial Owner Details: Name, date of birth, address, and valid ID (driver’s license, passport, or tribal ID).
Penalties and Filing Assistance
-
Stay Compliant: Non-compliance with BOIR filing requirements can result in fines up to $500 per day and potential criminal charges.
-
Expert Assistance: Let Selena Fogg CPA handle your filing to avoid errors and delays.
-
Peace of Mind: We ensure your business meets all FINCEN requirements accurately and on time.
-
Affordable, Fast Service: Filing starts at just $500 per entity—save time and avoid penalties.
Protect Your Business
Compliance with FINCEN's reporting requirements is straightforward but essential to ensure transparency and avoid penalties. By meeting the filing deadlines and ensuring all required information is accurate, your business can remain fully compliant. For a hassle-free experience, we offer expert filing services for $500 per entity—taking the stress out of the process for you.
Take action today to protect your business and ensure compliance. To get started call the Selena Fogg CPA office at 806-676-2849 or email us at welcome@selenafoggcpa.com now!
Upcoming Mandatory Federal Filing Deadline:
The BOIR.
Beneficial Owners Information Report
A Quick Guide to FINCEN Compliance