J HEATH & CO’s Post

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

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

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

🧠Reminder: ➡️Beginning on January 1, 2024, many small businesses will be required to report their beneficial ownership information to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), identifying those who directly or indirectly own or control the company. This reporting helps the U.S. government identify and limit money laundering, corruption, tax evasion, drug trafficking, fraud and other illegal activities. Hear from David King, a senior regulations advisor at FinCEN, about these new requirements, as well as the guidance FinCEN has developed to help small businesses understand what they need to do to comply. Watch the webinar for more: https://lnkd.in/ekaCw5Mg

🚨 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

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

🚨 Attention U.S. Business Owners: New Regulatory Requirement from FinCEN 🚨 In case you missed it, I want to bring to your attention a crucial update regarding the Beneficial Ownership Information (BOI) reporting requirement introduced by the Financial Crimes Enforcement Network (FinCEN). This new mandate requires certain businesses to disclose details about their beneficial owners to FinCEN. 🔑 Why This Matters: 𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: Staying compliant with this regulation ensures your business remains in good standing with federal laws. 𝗔𝘃𝗼𝗶𝗱 𝗣𝗲𝗻𝗮𝗹𝘁𝗶𝗲𝘀: Non-compliance can lead to hefty fines and legal issues. 𝗧𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆: This requirement enhances transparency and combats the misuse of entities for illegal activities such as money laundering and terrorism financing. 📅 Key Deadlines: For businesses 𝗳𝗼𝗿𝗺𝗲𝗱 𝗯𝗲𝗳𝗼𝗿𝗲 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭, 𝟮𝟬𝟮𝟰: Submit your BOI report by January 1, 2025. For businesses 𝗳𝗼𝗿𝗺𝗲𝗱 𝗼𝗻 𝗼𝗿 𝗮𝗳𝘁𝗲𝗿 𝗝𝗮𝗻𝘂𝗮𝗿𝘆 𝟭, 𝟮𝟬𝟮𝟰: File your BOI report within 90 days of your formation date. ✅ What You Need to Do: 𝗗𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗲 𝗘𝗹𝗶𝗴𝗶𝗯𝗶𝗹𝗶𝘁𝘆: Verify if your business is subject to this requirement (most corporations, LLCs, and similar entities are included). 𝗚𝗮𝘁𝗵𝗲𝗿 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻: Collect details about your beneficial owners, including full name, date of birth, address, and identification number. Submit the Report: File your BOI report through FinCEN's online portal at FinCEN.gov. 🔔 Pro Tip: Don’t wait until the deadline—start this process NOW to avoid any potential issues!