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Don’t Forget To File With FinCEN

At Equity & Help, we are always striving to provide our readers with valuable information and tools. We understand how important it is to stay up-to-date with the latest regulations, so today we want to talk about something very important that could affect your business.

The Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury, has announced Beneficial Ownership Information (BOI) Reporting Regulations. These regulations will be effective January 1st, 2024 and we want to help prepare you for what’s to come.

What are the BOI Reporting Regulations?

The Corporate Transparency Act (CTA) establishes uniform beneficial ownership information reporting requirements for certain types of corporations, limited liability companies and other similar entities created in or registered to do business in the U.S.

The CTA authorizes FinCEN to collect this information and disclose it to authorized government authorities and financial institutions, subject to effective safeguards and controls. This is to provide essential information to law enforcement, national security agencies and others to help prevent criminals, terrorists and other bad actors from hiding illicit money or other property in the U.S.

To help prepare companies and their owners, FinCEN has created a new webpage with Frequently Asked Questions, a summary of reporting dates and two introductory videos.

What do I need to know?

Existing entities that are required to report BOI will have from January 1st, 2024 until December 31st, 2024 to file their first report with FinCEN. New entities created or registered to do business in the U.S. on or after January 1st, 2024 will have 30 days to file their first report.

Conclusion:

If you need any assistance or have any questions regarding these regulations, we can put you in contact with our experts who are more than happy to help. Remember, staying informed is key to ensuring the success of your business!

 

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