Heads Up!!! January 1, 2024- New Law- The Beneficial Ownership Information Reporting Requirement

Starting January 1, 2024, many businesses in the United States are required to report information to FinCEN about the individuals who ultimately own or control them. In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. Financial Crimes Enforcement Network (FinCen) is a bureau of the U.S. Department of the Treasury.

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.

The Pierre Firm PLLC offers a comprehensive Beneficial Owners Information Report service, ensuring your business meets FinCen compliance standards at an initial cost of $199.

Don’t let the new compliance be a burden—let us handle it for you. Reach out today to get started!