01/09/2024
ATTN: Business owners 📢 ‼️
As of January 1, 2024, per the bipartisan Corporate Transparency Act, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting newly required filings for beneficial ownership information reporting.
Penalties for noncompliance are steep. “As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or willfully failing to correct or update previously reported beneficial ownership information.”
Be sure to timely and accurately self-report, or consult a professional to assist in preparation and filing to avoid potential negative consequences. As tax attorneys we have extensive experience working with FinCEN and making requisite disclosures.
Our attorneys are available to assist and can be reached at 646-392-8840
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate transparency by issuing a final rule that establishes the framework for acces...