Florida CFO Group’s Post

Small business owners: do you know that under the Corporate Transparency Act, U.S. small businesses must file beneficial ownership information reports with the Department of the Treasury by December 31? Here's a guide from the U.S. Chamber to explain what you need to do.

Small Business Owners: Read through this post for some important information from NYC Department of Small Business Services! Enacted to curb illicit finance, the new Corporate Transparency Act requires many companies doing business in the U.S. to report information about the individuals who ultimately own or control them.   Filing is free. Existing companies created before January 1, 2024, must file by January 1, 2025. Companies created or registered after January 1, 2024, have 90 calendar days to file after receiving notice that their company’s creation is effective. Free resources are available to help businesses: - The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has developed a compliance guide translated into 11 languages, along with other materials. - The NYC Department of Small Business Services is hosting free webinars to introduce NYC small businesses to the new requirements. Businesses can find the upcoming schedule and register here: https://lnkd.in/eszY4ETB - FinCEN has developed a toolkit to help partners educate businesses and spread the word, which you can find here: https://lnkd.in/eb-uXtMD. More information can be found at the following link and in the image below: https://www.fincen.gov/boi. Rob Walsh Rafael Roger

Small business owners: Time is running out for BOI registration! The Treasury Department's deadline approaches fast. December 31, 2024 marks a critical point for most small businesses. Here's what's happening: The Corporate Transparency Act requires most businesses to reveal their true owners. Why? The U.S. government wants to: - Stop criminals from hiding behind shell companies - Prevent money laundering - Block illegal financial activities - Protect our financial system You must report if you: - Own 25% or more of the business - Control major business decisions - Direct company funds This affects: - A corporation (C or S) - A limited partnership - An LLC The penalties for non-compliance? Significant. Here's who doesn't need to file: - Publicly traded companies - Tax-exempt entities - Large companies with 20+ employees and $5M+ revenue The process is straightforward through FinCEN's E-Filing System. But the deadlines vary: Existing before 2024? File by December 31, 2024. Created during 2024? File within 90 days. Starting 2025 or after? File within 30 days. This isn't optional bureaucracy. This is mandatory federal compliance. Remember - changes to your business ownership? You must update within 30 days. The smart move? Get your FinCEN ID now. Start the process early. Don't risk penalties. Don't wait until the end of December. Your business deserves better than last-minute panic. Take action now. The clock is ticking. The deadline won't move. But your business must. Register here: https://lnkd.in/gBdS9G_T

NEW Small Business Reporting Requirement: Beneficial Ownership Information ✔️ Find out if you must report. Many small business need to report information to the Federal government about their beneficial owners, i.e., the individuals who ultimately own or control the company. ✔️ Find out when you must report. If you started your business in 2024, you may need to report beneficial ownership information to the Federal government now. Learn more about filing deadlines. ✔️ Begin reporting. Most businesses should easily be able to report beneficial ownership information without assistance. Find answers to common questions, resources, guidance, and more on FinCEN’s website. Learn More: https://bit.ly/3zqKurq

Anyone involved in business or personal finance should understand the meaning and kinds of financial contracts that exist. These are contracts between two people that specify the terms of a monetary transaction. Know more: https://lnkd.in/gJvCmDZr #StartupFino #Finance #Contracts #Budget2024

It’s encouraging to see new measures aimed at addressing late payments, a longstanding challenge for small businesses and the self-employed. With late payments costing an average of £22,000 per year and contributing to 50,000 business closures annually, this is a vital step forward. https://lnkd.in/exZYUskN

Never a shortage of required things that add nothing to the business, but cost time and money. #businessplanning #utahbusiness #idahobusiness #smallbusiness #smallbusinessowners

Debtor Finance: Stop waiting for customers to pay! Access cash tied up in your invoices and reinvest it faster. Take the stress out of your business life #Accounting #BusinessFinance #smallbusiness #businessownership #WinWith #ILOVEWHATIDO

The great thing about being a debt collector? Our invoices are rarely overdue! ‼️ (Note to clients: This is not an invitation to test the limits!) ‼️ Just like a boxer knows how to throw a punch and a dancer perfects their moves, we debt collectors have mastered keeping accounts clean. Years of experience, handling countless cases, have taught us exactly why payments get delayed and how to prevent it. We’ve seen every excuse under the sun, and that insight allows us to fine-tune our approach. At Creditormate, we’ve implemented simple strategies that either eliminate overdue invoices or encourage timely payments. One of our favourites? Debtors pay to our trust account, we handle the payments - no chasing required! ❓ What can you adjust in your business to keep payments flowing on time? Here are some options ➡️ https://lnkd.in/gFN_ACcd (and yes, our overdue balance in Xero is... well, Zero...)

Attention Small Business Owners: Important New Reporting Requirement The U.S. Treasury Department has introduced a new mandate requiring small business owners to report detailed information about the beneficial owners of their companies. This applies specifically to businesses with fewer than 20 employees and less than $5 million in annual revenue. Larger companies are exempt from this rule. Here’s the crucial detail: if you fail to comply with this requirement by January 1, 2025, you could face significant penalties. The fines start at $500 per day, with a maximum penalty of $10,000, and could include up to two years in prison. Surprisingly, many small business owners, including myself, were unaware of this new regulation. In fact, when I reached out to the IRS for clarification, they were not even familiar with the rule. While the intent behind this measure may be well-meaning, the lack of communication surrounding it could cause serious challenges for small business owners who are now facing tight deadlines. For more information on this reporting requirement, you can visit H&R Block’s helpful guide here: https://lnkd.in/gccmysHC , or go ahead and research it yourself.