"Inspirational Thought of the Month"

“Courage is very important. Like a muscle, it is strengthened by use.”
― Ruth Gordon

IMPORTANT NOTICE: New Federal Law Change

There is a new federal law change to report beneficial owner information directly to the US Treasury Financial Crimes Enforcement Network (FinCen)

via FinCen’s Beneficial Owner Secure System

The criteria requiring reporting information to FinCen include:

• The entity was created by the filing of a document with a secretary of stateor any similar office in the U.S. This includes corporations, LLCs, and“S” corporations.  Specifically excluded are sole proprietors (unless singlemember LLC) and general partnerships.  There are 23 additional “exempt”types of entities that can be found on the FinCen website which I will provide below.  The only one that may be of interest is that any entityin existence on or before January 1, 2020 and not engaged in active business and does not hold any type of assets is considered inactive and is exempt until it engages in business activities and/or hold assets.
• The entity has 20 or fewer full time employees
• Filed federal income tax returns in the prior year demonstrating $5million or less in gross receipts or sales

Entities created prior to 1/1/2024 have until 1/1/2025 to register with FinCen; entities created between 1/1/2024 and 12/31/2024 have 90 days from creation and entities

created as of 1/1/2025 and after have 30 days from creation.

This requirement is on the part of the business owners as you must create a file with FinCen in your business name. 

The website is https://boiefiling.fincen.gov  This website will provide you with additional information as well as the 23 exempt types of entities and the actual step by step instructions to create your file with FinCen.