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Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American Institute of CPAs have questioned the burden on small businesses and advocate a slower rollout of BOI requirements. FinCEN director Andrea Gacki testified that her group isn’t “out to take ‘gotcha’ enforcement actions.” And to help companies, FinCEN has released a Small Entity Compliance Guide: https://bit.ly/3UJhUtW #BOIReporting #FinancialCompliance #MoneyLaundering #SmallBusiness

Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American Institute of CPAs have questioned the burden on small businesses and advocate a slower rollout of BOI requirements. FinCEN director Andrea Gacki testified that her group isn’t “out to take ‘gotcha’ enforcement actions.” And to help companies, FinCEN has released a Small Entity Compliance Guide: https://bit.ly/3UJhUtW #BOIReporting #FinancialCompliance #MoneyLaundering #SmallBusiness

Officials from the Financial Crimes Enforcement Network (FinCEN) recently defended the rollout of Beneficial Ownership Information (BOI) reporting before a U.S. House committee. To comply with an initiative intended to help prevent and detect money laundering, as many as 32 million companies are expected to file BOI reports. However, some House members and the American Institute of CPAs have questioned the burden on small businesses and advocate a slower rollout of BOI requirements. FinCEN director Andrea Gacki testified that her group isn’t “out to take ‘gotcha’ enforcement actions.” And to help companies, FinCEN has released a Small Entity Compliance Guide: https://bit.ly/3UJhUtW #BOIReporting #FinancialCompliance #MoneyLaundering #SmallBusiness

If your entity is created after January 1st, 2024 you have 90 days to file this report.   The reason for this new requirement is to identify people who set up fraudulent businesses to launder money or fund terrorist activities under the Corporate Transparency Act (CTA).  You only have to file this report once, and you will only have to file a new report if any info changes about your business, such as adding or removing a partner or shareholder.   #p3accounting #oklahomabusiness #taxplanning #taxeducation #oklahomaentrepreneurs #taxexperts #oklahomasmallbusiness

Certain U.S. small business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. In a recent letter to FinCEN, 44 House Republicans urged the agency to delay the reporting deadline. The letter states that “without a delay in the effective date, millions of America’s smallest business owners will be deemed out of compliance and subject to penalties and fines up to $250,000 and even jail time.” Instituted by the Corporate Transparency Act, the BOI requirement is intended to help prevent criminals from using businesses for illicit activities, such as money laundering and fraud. #SmallBusiness #FinCEN #BOI #Compliance #CorporateTransparencyAct

🚨 Attention Small Business Owners & Entrepreneurs! 🚨 The Corporate Transparency Act (CTA) is a law designed to increase transparency and prevent the misuse of companies for illegal activities like money laundering and tax evasion. Under the CTA, certain businesses must report their beneficial ownership information—those who own or control the company—directly to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). 💡 Who needs to file? Most small and medium-sized companies, including LLCs and corporations, are required to file. This applies to companies formed on or after January 1, 2024, and existing companies must file by January 1, 2025. 🚫 Exemptions: Some companies are exempt from filing. These include: Large operating companies with 20+ full-time employees and over $5 million in gross receipts. Publicly traded companies. Certain regulated entities like banks, credit unions, and insurance companies. Subsidiaries of exempt companies. ⏰ Important Deadline: New businesses formed on or after January 1, 2024 must file within 30 days of registration. Existing companies must file by January 1, 2025. 💸 Penalties for Non-Compliance: Failure to comply with the CTA could result in severe penalties: Fines up to $500 per day for each day the violation continues. Criminal penalties including fines up to $10,000 and/or up to 2 years in prison. How to File: Visit the official website to file your report and ensure compliance: 👉 https://www.fincen.gov/ Don’t delay! Ensure your business is compliant to avoid costly penalties. Talk to your legal advisor if you're unsure about your filing obligations. #CorporateTransparencyAct #CTA #SmallBusiness #Compliance #BeneficialOwnership #FileNow #Penalties

FinCEN (Financial Crimes Enforcement Network) has implemented significant changes regarding beneficial owners. These changes aim to prevent individuals from hiding behind complex entity structures to commit crimes. 🗓️ Reporting Deadlines: Entities established before January 1, 2024, must report by January 1, 2025. New entities established on or after January 1, 2024, have 90 days to report. Starting January 1, 2025, all entities must report within 30 days of establishment. 💸 Penalties: Failure to report results in a $500/day penalty, adjusted for inflation (currently $591/day). #Compliance #FinCEN #BeneficialOwnership #AssetProtection #RealEstateInvesting #MilwaukeeWisconsin

Certain U.S. small business owners must report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. In a recent letter to FinCEN, 44 House Republicans urged the agency to delay the reporting deadline. The letter states that “without a delay in the effective date, millions of America’s smallest business owners will be deemed out of compliance and subject to penalties and fines up to $250,000 and even jail time.” Instituted by the Corporate Transparency Act, the BOI requirement is intended to help prevent criminals from using businesses for illicit activities, such as money laundering and fraud. #SmallBusiness #FinCEN #BOI #Compliance #CorporateTransparencyAct

Regulated companies must ensure they have proper processes in place to minimise the risks of being inadvertently involved in money laundering activity. 💷 As gatekeepers to the financial system in the UK, finance firms such as banks, accountancy practices, bookkeepers and money lenders must uphold this legislation and play their part in preventing and reporting any suspected illegal money laundering pursuits. The same responsibility falls upon other regulated businesses, such as estate and lettings agencies, trust and company service providers, independent legal professionals and more. 🏢 Compliance will protect you from a legal perspective, and help ensure your company is not exploited by criminals to wash their dirty money. Find out more: https://buff.ly/3AOY32F #compliance #dataprotection #dataprivacy