FinCEN - Beneficial Owners Information Reporting Requirement

[piginajeep]

For those of you who are small business owners that are an LLC, have you heard of FinCEN or the Beneficial Owners Information Reporting Requirement? I haven't but just spoke with my accountant and he was telling me that there was some new law that passed and now we will have to "report with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and provide specified information regarding the our companies “beneficial owners.” Entities in existence prior to January 1, 2024, have until January 1, 2025, to file these reports. Failure to do so can result in hefty penalties!

Needless to say, this is all news to me. I never got an email or letter by mail telling me that this is something I would need to do. I should note that I was also told that there was a law suit that put the requirement on hold for now and that companies are being asked to "voluntarily" file anyway while it's being litigated.

That said, have any of you heard of this BS and have you filed?

I got one for our business we closed 3 years ago, .

Who are they gonna make pay ? It was an LLC.

 

[wayoflife]

I got one for our business we closed 3 years ago, .

Who are they gonna make pay ? It was an LLC.

You just know they'll get you retroactively

 

[piginajeep]

You just know they'll get you retroactively

No shit, I don’t know how the expect small businesses to operate. There is no way to know all the rules, I can’t tell you how many fines we paid for not knowing something. All the profits went to taxes and fines.