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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.

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.

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.

Under the Corporate Transparency Act (CTA), many small business owners in the United States are required to file beneficial ownership information reports (BOIR) by January 1, 2025. Failure to submit the new paperwork by the deadline puts small business owners at risk of criminal penalties, imprisonment, and fines up to $10,000. The CTA was enacted in 2021 to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. Under the CTA, which went into effect on January 1 of this year, businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. For more information, visit https://lnkd.in/gfTaE2x3

Navigating new regulations doesn’t have to be overwhelming—especially when it comes to meeting Financial Crimes Enforcement Network (FinCEN) requirements. Ensuring your Beneficial Ownership Information (BOI) filings are accurate and up to date can help you avoid civil penalties of up to $591 per day and criminal fines as high as $10,000. Get started today by using the BOI Comply Questionnaire tool to see if your company needs to file. https://lnkd.in/eyYfsBBQ Our team is here to assist you every step of the way! #CTA #Compliance #BOI #FinCEN #RegisteredAgent

Under the Corporate Transparency Act (CTA), many small business owners in the United States are required to file beneficial ownership information reports (BOIR) by January 1, 2025. Failure to submit the new paperwork by the deadline puts small business owners at risk of criminal penalties, imprisonment, and fines up to $10,000. The CTA was enacted in 2021 to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. Under the CTA, which went into effect on January 1 of this year, businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. To learn more, please visit https://lnkd.in/gth6fupf

Under the Corporate Transparency Act (CTA), many small business owners in the United States are required to file beneficial ownership information reports (BOIR) by January 1, 2025. Failure to submit the new paperwork by the deadline puts small business owners at risk of criminal penalties, imprisonment, and fines up to $10,000. The CTA was enacted in 2021 to help prevent and combat money laundering, terrorist financing, corruption, and tax fraud. Under the CTA, which went into effect on January 1 of this year, businesses must provide their legal name and trademarks, as well as their current U.S. address. They’ll also need to provide a taxpayer identification number and specify the jurisdiction where they were formed or registered. Visit https://buff.ly/3OB90dN to read more.

Navigating new regulations doesn’t have to be overwhelming—especially when it comes to meeting Financial Crimes Enforcement Network (FinCEN) requirements. Ensuring your Beneficial Ownership Information (BOI) filings are accurate and up to date can help you avoid civil penalties of up to $591 per day and criminal fines as high as $10,000. Get started today by using the BOI Comply Questionnaire tool to see if your company needs to file. https://lnkd.in/eyYfsBBQ Our team is here to assist you every step of the way! #CTA #Compliance #BOI #FinCEN