If You describe your company as one of the 23 below then you are probably exempt.
If not then you must file your FinCen report before than January 1, 2025.
What happens if my company does not report with the Financial Crimes Network (FinCen) in the required timeframe?
Should a person willfully fail to report complete or updated beneficial ownership information to FinCEN as required under the Reporting Rule, FinCEN will determine the appropriate enforcement response in consideration of its published enforcement factors.
The willful failure to report complete or updated Beneficial Ownership Information (BOI) to FinCEN, or the willful provision of or attempt to provide false or fraudulent Beneficial Ownership Information may result in a civil or criminal penalties, including civil penalties of up to $591 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fails to file the required BOI report may be held accountable for that failure.
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The preparation and submission of Beneficial Ownership Information to the Financial Crimes Enforcement Network (FinCEN) is provided as a professional service by Sterling C. Couch. III, CPAs, PC. Please review the full text of important information regarding this process by clicking here.