Secure Accounts Limited’s Post

Attention business owners! A new requirement mandates certain small businesses to report Beneficial Ownership Information (BOI) to the U.S. Department of the Treasury by the end of 2024 or face fines. Ensure compliance to avoid penalties. Learn more about the deadlines and how to file at the link below. https://lnkd.in/dEHm4695 #BusinessCompliance #BOI #FinCEN

The Corporate Transparency Act: When must revised reports be submitted?  If any information about a reporting company or its beneficial owners that was previously required to be submitted to FinCEN changes, the company must submit an updated report within 30 calendar days of the date of the change. This includes any changes regarding the identity of a beneficial owner or the information reported for any specific beneficial owner. 

Effective January 1, 2024, many small businesses – including a good number of RIA firms – will be required to submit a Beneficial Ownership Information (BOI) report to the Financial Crimes Enforcement Network, US Treasury (FinCEN). With the deadline for pre-existing companies to file an initial report approaching on January 1, 2025 (and even sooner for newer companies formed during 2024), many will benefit from a deeper understanding of the new BOI reporting requirements: -Which businesses are required to submit a report -Which individuals associated with the company are considered "beneficial owners" for BOI reporting purposes -What information will need to be gathered to submit with the report Article by Ben Henry-Moreland, CFP®, EA: https://bit.ly/3OSo0o6 #advicers

Beginning in 2024, businesses must report beneficial ownership information (BOI) to FinCEN. This applies to most corporations and LLCs registered with the Secretary of State, however, some entities, such as most sole proprietorships and general partnerships, are exempt. Reports must include details like name, address, date of birth, and ID numbers for beneficial owners (those with 25%+ ownership or substantial control). Initial filings are due by January 1, 2025, for entities formed before 2024, and there are significant daily penalties for late filings. For more details or assistance with your filing, please reach out to us: info@reconciled.com reconciled.com

🔍 Attention Business Owners! 🔍 Stay compliant with the new FinCEN Beneficial Ownership Information (BOI) Act! 📜 Effective now, businesses are required to report key ownership details to FinCEN. Ensure your business stays in the know and avoids penalties. Visit the FinCEN website for more information: https://www.fincen.gov/boi #BusinessCompliance #FinCEN #CenturyBank #StayInformed

Did you know? By January 1, 2025, most businesses are required to submit a Beneficial Ownership Information (BOI) report to FinCEN. This report aims to promote transparency in the business landscape, requiring companies to disclose information about individuals with significant ownership stakes or control. ✅ Who needs to file? Most LLCs, corporations, and similar entities. ✅ Deadline: January 1, 2025. ✅ Avoid penalties by filing on time and ensuring your information is complete and accurate. Stay compliant and informed—contact me if you have questions about how to file!

Business Owners: have you registered the Beneficial Owners for your business with FinCen? Registration must be completed by 01/2025. Here's what you need to know: Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Your company may need to report information about its beneficial owners if it is: - A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe. - A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing. If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI. If your company is created or registered in 2024, you must report BOI within 90 calendar days after receiving actual or public notice that your company’s creation or registration is effective, whichever is earlier. Register your business here: https://lnkd.in/e4zShHzk If you have additional questions about registering your Beneficial Owners, call your Financial Services Representative at 406-587-5626, and we will be happy to discuss your questions and concerns with you! #bankofbozeman #ficen #localbanking #lastbestbank

Yes it’s true, if a company fails to file its #BOI report on time, it accrues a $500 penalty each day. Generally speaking, this applies to most small to mid-sized companies. This was is intended to aid the #FINCEN in detecting money laundering schemes, but may incidentally affect anybody who owns direct or indirect interest in a company. Here’s an brief list of who must be included in the report: ·       Anyone who owns 25% or more of the stock of a company ·       Issuers of debt convertible to 25% or more of the company’s stock ·       Anyone who exercises substantial control over the entity: (CEO, CFO, President, Board of Directors, etc.) For entities formed before Jan 1st, 2024, must file their Beneficial Ownership Report by Jan 01, 2025 Entities formed after in 2024 must file within 90 days of the entity’s formation. Anybody who files for the company or helps them incorporate must also report themselves as a company applicant, such as a lawyer who files the articles of incorporation or the accountant who files the BOI. Beneficial Ownership Reports must be filed electronically. Hope that helps.

🌍 Exploring the tax implications of offshore merchant accounts and high-risk payment processing: from international compliance to strategic planning. Stay informed! Check out the latest blog for further details:- https://lnkd.in/ghw2UjHi #TaxLaw #MerchantAccounts #Fintech

#Brazilianlaw financial, investment and commercial #contracts will have greater legal certainty regarding the charging of default interest and monetary adjustment with new rules of the Brazilian Civil Code. Federal law 14.905 amended the Civil Code and will impact contracts entered between #companies, #financialinstitutions, #fintechs, #investmentfunds, credit card #acquirers, among other market players whose contractual provisions are subject to the charging of default interest, monetary adjustment and other charges. I am delighted to share the material "4 Key Points About the New Brazilian Civil Code Rules for Default Interest and Monetary Adjustment in Contracts" prepared by Feijó Lopes Advogados Banking and Contracts practices. #brazil #privatecredit #commercial #banking