NEW FinCEN MANDATORY BUSINESS REPORTING REQUIREMENTS
The new Corporate Transparency Act enacted by Congress went into effect on January 1, 2024. As a result, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has instituted new, mandatory reporting requirements for corporations, limited liability companies and most other entities that are registered to do business at their state’s Secretary of State’s Office. All such businesses must submit “Beneficial Ownership Information” to FinCEN. The purpose of the new regulation is to combat terrorism and illegal business activities such as money laundering and tax fraud.
Failure to report the required information to the government can result in very harsh penalties including fines of up to $500 per day for each day the violation continues past the filing deadline or criminal penalties of up to 2 years in prison and/or fines of up to $10,000. For companies formed prior to January 1, 2024, the deadline for filing the BOI with FinCEN is January 1, 2025. Newly formed companies have stricter filing deadlines. Kenyon Law Associates can assist you with the required reporting in compliance with the new law. Our fee for this service is $350.
In order for us to process your required FinCEN reporting documentation, please complete our FinCEN Reporting Form. If you have less than 5 Beneficial Owners, you have the ability to submit our form below and pay for our filing fee electronically. If you have 5 or more Beneficial Owners or prefer to pay by check, please download, complete, and email the form to Sherry@KenyonLawyers.com. Sherry or Paige will then respond with an invoice.
Directions:
Fill out the Business Information section and the Beneficial Owner information for each person who either 1) owns 25% or more of the company’s ownership interest; or, 2) directly or indirectly exercises substantial control over the business of the company. Please note, you must upload one copy of a valid photo identification for each Benficial Owner as required by FinCEN. Options to submit a photo ID as either an image file or as a document file are available below.
It is incumbent upon you to provide us with all of the information required to be disclosed. If the information that you submit to us is not complete, you may still be subject to civil fines and criminal penalties under the terms of the Corporate Transparency Act. If you have any questions regarding the definition of ownership interest, Beneficial Owner and/or whom you may need to include in the BOI report, please contact us at Sherry@KenyonLawyers.com or 401-789-0217 for further information.
Download our FinCEN Reporting Form here OR complete below to file electronically: