Small business owners take note – beginning January of 2024, all companies will be required to report certain information to the Financial Crimes Enforcement Network (FinCEN) or face penalties of up to $500.00 per day. This new legislation is designed to prevent money laundering by requiring domestic and foreign business entities to share personal information about the beneficial owner(s) of each company as part of the Corporate Transparency Act. BOI Reporting will allow law enforcement agencies to combat financial crimes and will eliminate the ability for company owners to remain anonymous.
Those companies that are already in existence will have until January 1st, 2025 to file their reports with FinCEN, but any company created on or after January 1, 2024 will be required to file its report within thirty (30) days of formation with the NC Secretary of State. In order to file its report, each company must visit www.fincen.gov/boi, where the system will request the following information about any party owning more than 25% (twenty-five percent) of the company:
- Name of the individual
- Date of birth
- Residential address
- Identifying number from acceptable documentation (passport, US driver’s license, etc.) along with an image of the identification document
FinCEN will not accept a fee for this filing, and no filings will be accepted until January 1, 2024. Contact us today for assistance with your filing by emailing me at Elizabeth@JacksonLawNC.com, or calling us at (919)438-2005!
With this knowledge, now you can Rest Easy.