Beneficial Ownership Information ***IMPORTANT**** Make sure to do this to avoid being fined $500 Daily! The Corporate Transparency Act (CTA), passed by Congress, is aimed at preventing money laundering and terrorist financing. Under the CTA, corporations, LLCs, and other entities doing business in the U.S. are required to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), part of the U.S. Department of Treasury. If your business was formed or registered before January 1, 2024, you must file an initial beneficial ownership report by January 1, 2025. For businesses formed on or after January 1, 2024, you must file within 90 days of receiving notice of formation. Starting January 1, 2025, the filing deadline will be reduced to 30 days for new businesses. Reports must be filed directly with FinCEN at https://www.fincen.gov/boi. It is essential to comply, as failure to do so can result in serious civil and criminal penalties. Please note that our office is not involved in collecting or accessing this information, nor can we offer guidance on FinCEN’s requirements. For any questions or concerns, please reach out to FinCEN directly: Phone: 1-800-767-2825 Website: https://www.fincen.gov/contact We encourage you to review the requirements and ensure your business is in compliance.

Posted by Chef Katrina at 2024-10-14 16:24:31 UTC