Thomas Norris, Jr.’s Post

The Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting deadline is on hold. Recent developments have occurred regarding the BOI filing under the Corporate Transparency Act (CTA). This requirement mandates that most corporations, LLCs, and other entities submit reports to FinCEN identifying their beneficial owners. This is part of an effort to increase transparency and combat illicit financial activity. However, a nationwide injunction has temporarily halted the enforcement of this requirement. Here’s what you need to know: A federal court order has temporarily suspended BOI filing requirements nationwide. This means Connecticut businesses currently do not need to submit their BOI reports to FinCEN, even if the deadline has passed. While the injunction remains in effect, businesses do not need to file BOI reports. However, it is crucial to stay prepared if the injunction is lifted. For the most up-to-date information & official communications about this matter, please visit the U.S. Treasury Financial Crimes Enforcement Network website. https://fincen.gov/boi

FinCEN Beneficial Ownership Information Report (BOIR) Navigating Financial regulations can be confusing, the new beneficial owner reporting requirements are no exception. In the information below, I will briefly explain the new Beneficial Ownership Information (BOI) reporting requirements of the Corporate Transparency Act (CTA). Beginning January 1, 2023, the Financial Crimes Enforcement Network (FinCEN), requires certain companies to report information about the individuals who ultimately own or control them. Domestic reporting companies include corporations, limited liability companies, and any other entities created by the filing with a secretary of state or any similar office in the United States. What are the FinCEN reporting requirements for 2024? Reporting companies created or registered on or after Jan. 1, 2024, and before Jan. 1, 2025, will have 90 calendar days from the date they receive actual or public notice that their company’s creation or registration is effective to file their initial BOI (Beneficial Owner Information) report. Reporting companies in existence before Jan. 1, 2024 have until Dec. 31, 2024 to file their BOI report. Who is a Beneficial Owner of a Reporting Company? A beneficial owner is an individual who either directly or indirectly: exercises substantial control over a reporting company or owns at least 25 percent of a reporting company’s ownership interests. Beneficial owners must be individuals (i.e., natural persons). Trusts, corporations, or other legal entities are not considered to be beneficial owners. However, in specific circumstances, information about an entity may be reported in lieu of information about a beneficial owner. The link below will bring you to the FinCEN BOI E-Filing System. https://lnkd.in/g5efUH5D

Have you heard of this new requirement? 🫣 Starting Jan 1, 2024, the CTA mandated that LLC owners and managers submit a BOI Report. This requires that entities report beneficial ownership information, which includes identifying details about individuals who own or control the company either directly or indirectly. This information is submitted to the Financial Crimes Enforcement Network (FinCEN) to prevent financial crimes. If you formed your LLC before Jan 1, 2024, the initial BOIR must be filed before Jan 1, 2025. LLCs formed in 2024 must file within 90 days of receiving public notice of their creation. LLCs formed in 2025 have 30 days to file their initial BOIR following public notice of their creation. Fines are up to $591/day for non-compliance. Business owners may handle filing of these new reports on their own directly on the FinCEN website or have us file it on their behalf. For a limited time only, our filing fee is $99, so don't miss out and definitely don't miss the deadline, because those fines are hefty! Comment the word "COMPLIANCE" and we'll send you a link to get started immediately!

Injunction overturned! On Monday, Dec. 23, the 5th Circuit Court of Appeals overturned the lower court injunction that had temporarily halted enforcement of the Beneficial Ownership Information (BOI) reporting requirements under the Federal Corporate Transparency Act. As a result, most privately owned entities (corporations, LLCs, partnerships and limited partnerships) must report their BOI or face potential fines and penalties. The Financial Crimes Enforcement Network, US Treasury (FinCEN) has extended the filing deadline for entities formed prior to Jan. 1, 2024, by 12 days as a result of the lawsuit. The original deadline was Jan. 1, 2025. According to FinCEN’s website: Beneficial Ownership Information Reporting | FinCEN.gov, the new deadline is Jan. 13, 2025. While the National Federation of Independent Business has stated that it plans to further appeal the decision, as of now, BOI reporting is once again the law of the land. #corporatelaw #businesslaw

The Corporate Transparency Act (CTA), effective January 1, 2024, mandates that most business entities, including LLCs and small S and C corporations, submit an initial report to the Financial Crimes Enforcement Network (FinCEN) disclosing their beneficial owners. This measure aims to enhance transparency and combat illicit financial activities. Key Reporting Deadlines: New Entities: Businesses formed or registered on or after January 1, 2024, must file their initial report within 90 days of formation. Existing Entities: Businesses created or registered before January 1, 2024, are required to file by January 1, 2025. Penalties for Non-Compliance: Failure to comply with the CTA's reporting requirements can result in significant penalties, including: A civil penalty of $500 per day of violation. Criminal fines up to $10,000. Imprisonment for up to two years. For detailed information and to access the Beneficial Ownership Information Reporting system, please visit FinCEN's website.

As 2024 comes to a close, it's crucial for businesses to be aware of the upcoming compliance deadlines set forth by the Corporate Transparency Act (CTA). This federal law mandates that all companies report certain information to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) by a specific deadline depending on the date of formation. Key Deadlines: ✔️ Companies formed before 12/31/2023 must comply by January 1, 2025. ✔️ Companies formed in 2024 must comply within 90 days of formation. ✔️ Companies formed on or after 01/01/2025 must comply within 30 days of formation. If you require assistance completing the mandatory registration with FinCEN or have questions, we encourage you to contact Jim Shepard, Esq. at jshepard@fskslaw.com as soon as possible to ensure compliance within the applicable deadlines. https://ow.ly/4mVE50UcLCZ

Many small businesses are required to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act by January 1, 2025. Non-compliance can lead to fines up to $500/day and criminal penalties, including imprisonment. For companies formed before January 1, 2024, the BOI filing deadline is January 1, 2025. Newly created companies must file within 90 days of registration. Reporting companies generally have $5M or less in gross receipts or employ fewer than 20 full-time employees.  This law aims to increase transparency and combat financial crimes like money laundering and tax evasion. Filing your BOI report might seem overwhelming, but it can be completed in a few straightforward steps. Visit FinCEN’s secure system at www.fincen.gov/boi to create an account and begin the process. If you’re unsure whether you need to file or how to get started, contact us today.

🔍Important Update for U.S. Businesses: New Beneficial Ownership Reporting Requirements Starting in 2024! 📅 What’s changing? As of January 1, 2024, many businesses in the U.S. must report Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). This requirement is part of the Corporate Transparency Act aimed at improving transparency, combating money laundering, and reducing illicit financial activities. 💼 Who needs to report? Corporations, LLCs, and similar entities formed in the U.S. or foreign companies registered to do business here are required to report. However, some businesses—like publicly traded companies and large operating companies—are exempt. 🏢 When do you need to file? Existing companies: Report by January 1, 2025 New companies: Report within 90 days of registration Post-2025 companies: Report within 30 days 🖥️ How to file? Report electronically on FinCEN’s website—it's free, simple, and secure! ⚠️ Why does it matter? Failure to comply with these new reporting requirements can lead to serious civil and criminal penalties. Stay on top of this and ensure your business is in compliance to help protect national security and promote fair business practices. 💡Key Tip: FinCEN will never ask for unsolicited information or charge fees for BOI reporting. Watch out for fraud! 👉Learn more here: https://lnkd.in/eV7J_4H3 #BOIReporting #CorporateTransparency #FinCEN #BusinessCompliance

As of January 2024, the new Beneficial Ownership Information (BOI) reporting requirements are officially in effect under the Corporate Transparency Act. This is a big step toward improving transparency and tackling financial crimes, but it also means businesses need to stay on top of these changes to remain compliant. Whether you’ve been running your business for years or are just getting started, it’s so important to understand the deadlines and filing process to avoid unnecessary penalties. I encourage everyone in my network to take a moment to review these new requirements and pass the information along—it’s always better to be prepared than caught off guard! Zenith Wealth Partners has provided an excellent breakdown in the post below. #CorporateTransparency #BusinessCompliance #FinCEN

Update regarding the obligation that USA formed companies have to file the Beneficiary Owner Information based on the Corporate Transparency Act (CTA). Today, December 23, 2024, the U.S. Court of Appeals reversed a lower court's injunction that had temporarily blocked key provisions of the Financial Crimes Enforcement Network (FinCEN)'s Beneficial Ownership Information (BOI) reporting rule, which was established under the CTA, considering that the plaintiffs failed to meet the legal criteria necessary to justify the injunction. With the injunction lifted, businesses are now required to comply with the BOI reporting obligations, including submitting detailed ownership information to FinCEN's database. The ruling solidifies the framework for corporate transparency and national security efforts but leaves open the possibility of further challenges on specific aspects of the rule in the future. FinCEN has granted an additional term until January 13, 2025 for company stock comply with their obligation to file the BOI. We will continue monitoring this case and will update if any changes happen.