What is the FinCEN BOI?
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. Due to on January 1, 2024, the Corporate Transparency Act (CTA) went into effect.
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Move quickly if you started a business in 2024.
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REPORT CONTENTS:
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- Owner's full information
- Unique ID's
- Ownership details
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PENALTIES:
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Up to $500 daily for non-filing. Criminal penalties for willful non-compliance
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FILING DEADLINES:
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ACCESSING INFO:
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Limited to authorized law enforcement
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If your company existed before 2024, you have until January 1, 2025, to comply with your BOI filing requirement. If you want, you can wait until late 2024 to see what happens with the pending litigation.
If your company was formed during 2024, you have only 90 days after your articles of incorporation, articles of organization, or similar documents were filed with the secretary of state to file your BOI report. You can’t afford to wait.
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