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Urgent FinCEN Deadline Dec 31 2024
Urgent FinCEN Deadline Dec 31 2024
Act Now: FinCEN BOIR Deadline – December 31, 2024
The deadline to comply with FinCEN’s Beneficial Ownership Information Reporting (BOIR) requirements is fast approaching.
All qualifying businesses must file their BOI reports by December 31, 2024 to avoid severe penalties.
Starting January 1, 2025, non-compliance could result in fines up to $591 per day, creating significant financial and legal risks for your business.
Don’t wait until it’s too late. At Nathan White PLLC, we can guide you through the filing process to ensure your compliance is accurate, timely, and stress-free.
Protect your business from costly penalties and regulatory scrutiny.
Contact us today to meet the deadline.
FinCEN BOIR
Why must entities register?
Companies are required to register with FinCEN’s Beneficial Ownership Information Reporting (BOIR) system as part of the Corporate Transparency Act, which aims to combat financial crimes like money laundering and tax evasion. The BOIR mandates that most U.S.-based and foreign companies operating in the U.S. disclose detailed information about their beneficial owners, defined as individuals who exercise substantial control over the entity or own at least 25% of it.
This registration applies to a wide range of entities, including corporations, LLCs, and partnerships formed through state filings. Exceptions are provided for specific types of organizations, such as large publicly traded companies. Reporting ensures compliance with transparency laws and helps law enforcement uncover hidden ownership structures often used for illegal activities.
The reporting deadline is December 31, 2024, with penalties of $591 per day starting January 1, 2025, for non-compliance.
For further details, Contact us today !
Brief Summary Information sheet on FinCEN reporting requirements
FinCEN Beneficial Ownership Information Report
• Reporting Deadline: U.S.-based companies have until December 31, 2024, to register with the Financial Crimes Enforcement Network (FinCEN) to avoid penalties.
• Who Must Report:
• Reporting Companies: This includes corporations, LLCs, or any entity created in the U.S. (or registered to operate in the U.S.) by filing with a state or tribal office. Foreign companies registered to do business in the U.S. also qualify as reporting companies.
• What to Report:
• Beneficial Owner Information:
This includes each beneficial owner’s name, date of birth, address, shareholding percentage, and a valid identification number (e.g., U.S. driver’s license, U.S. passport, or foreign passport if applicable). An image of the document is also required.
Company Information: Name, address, formation date, and relevant authorization documents.
Company Applicants (if created after January 1, 2024): Information on individuals who formed the company must also be reported.
• Reporting Deadlines:
• Existing Companies (formed before January 1, 2024): Must report by January 1, 2025.
• Newly Created or Registered Companies (in 2024): Must report within 90 days of receiving formation/registration notice.
• Companies Created or Registered after January 1, 2025: Must report within 30 days of formation or registration.
• Updates/Corrections: Any updates or corrections to previously filed information must be submitted within 30 days.
• Frequency: Reporting is generally a one-time requirement, with updates needed only if there are changes to beneficial ownership information.
• Consequences of Filing a Late BOI Report: If you miss the BOI report filing deadline, you (and/or your clients) could face serious repercussions, including:
Civil Penalties: For each day your report is late, you could be fined up to $591. This daily penalty accumulates quickly, creating a substantial financial burden.
Criminal Penalties: More severe consequences include up to two years of imprisonment and a fine of up to $10,000. These penalties apply if you willfully fail to file your report, submit false information, or fail to correct/update previously reported information.
Why use a Law Firm to register for BOIR?
Remember you are providing sensitive private and confidential information.
The advantages of using a law firm to register your Beneficial Ownership Information (BOI):
· Confidentiality and Privilege: Attorney-client privilege applies when using a law firm, ensuring your private information is protected by law.
· Security Compliance: Law firms are accustomed to handling sensitive financial and personal information with measures in place to protect client data.
· Legal Expertise: Attorneys understand the legal implications and requirements associated with BOI filings and can ensure full compliance with FinCEN regulations
· Representation: In the event of any future questions from FinCEN or legal issues related to the filing, your law firm can act on your behalf and provide counsel, which websites typically cannot offer.
We are offering a flat fee rate of $249 per registration for all requests made before Nov 30th 2024. The flat rate fee increases to $299 after Nov 30th 2024.
Due to the high volume of registrations between now and Dec 31st 2024 its important to contact us immediately so we can get you registered and avoid penalties of up to $591 per day
Our Services
Our team provides exceptional litigation defense, utilizing strategic insights and rigorous advocacy to safeguard your business interests.
Navigate complex business landscapes with our seasoned team provides tailored solutions. Our team ensures your corporate interests are protected and advanced with precision.
Real Estate Excellence
Our team provides expert legal counsel to individuals , businesses,and developers navigation the complexities of real estate transactions and disputes.With a deep understanding of real estate law,we help our clients make informed decisions and protect their investments.
Our Services
Corporate Compliance
We specialize in assisting businesses with the critical task of maintaining corporate compliance through accurate and timely filing of required forms and documents.
From annual reports and corporate filings to maintaining good standing with regulatory bodies, our team ensures that your business remains compliant with all local, state and federal requirements.
Corporate Registrations
Starting a new business is an exciting venture and our firm are here to make the process seamless by helping you establish your New LLC
Our LLC formation service includes:
Preparing and filing articles of organization
Drafting a custom Operating Agreement, which is vital especially when there is more than one member in LLC.
Obtaining an Employer Identification Number EIN from the IRS.
Ensuring compliance with State specific requirements such as licenses and permits.
FinCEN Registrations
Our team specializes in assisting businesses with the preparation and filing of BOI reports to meet the strict guidelines set by the Financial Crimes Enforcement Network (FinCEN).
Using a law firm to register your Beneficial Ownership Information (BOIR) report with FinCEN provides added security and confidentiality, as law firms are bound by strict confidentiality and attorney-client privilege rules.
Our services include: • Identifying beneficial owners and verifying their information. • Preparing and filing your BOI report accurately and on time. • Ensuring compliance with FinCEN’s reporting requirements under the Corporate Transparency Act.
Contact Us
If you’re interested in collaborating, please provide your information, and we will contact you soon. We look forward to connecting with you.
Our Details:
Email: NW@NAWhitelawfirm.com
Tel: (248) 907-3369
Address: 1120 E Long Lake Rd, Ste 201,Troy,MI 48085