New FinCen Mandatory Filing Requirement

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If you have an established company or are planning to start a new company in 2024 or beyond, please read this letter carefully. There are new U.S. filing requirements under the Financial Crimes Enforcement Network (FinCen) that affect all U.S. companies; C-corporations; S-corporations; limited liability companies; and limited liability partnerships.

What Is FinCEN BOI Reporting?

FinCEN BOI (Beneficial Ownership Information) reporting is a NEW, mandatory business filing requiring virtually all  U.S. companies to submit their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) in 2024. This requirement is part of a new law, called the Corporate Transparency Act, passed by Congress to enhance, and improve the government’s efforts to combat money laundering, terrorist financing, and other financial crimes. This reporting requirement took effect January 1, 2024, and non-compliance is enforced by potential penalties including fines of $500 per day up to $10,000.

Who Is Affected? 

Entities required to report under this regulation include: C-corporations, S-corporations, limited liability companies, limited liability partnerships, and other entities created by filing a document with any U.S. state. 

Most for-profit business entities will be required to file this report unless they qualify for an exemption. To find out if your entity(ies) qualify for an exemption, visit: www.fincenfetch.com/boi-report-exemptions/

How Can I Get Help with Filing? 

Since this new law affects many of our clients who are beneficial owners of one or more U.S. entities, we searched for what we believe to be the best, and simplest online reporting service to handle these filings. From the services we reviewed, including the government FinCen site (which can be confusing to navigate), we selected FincenFetch as our recommended service provider to assist our clients with filing their mandatory FinCEN BOI reports. If you have not yet made your BOI filings, you can do so using FincenFetch’s integrated software. By clicking the button below, you can setup a FincenFetch account, and start the reporting process: