Attention Business Owners and Managers! 
Important Update from the Treasury Department 
Did you know about the new Beneficial Ownership Information requirement? On September 30, 2022, the Treasury Department made a significant announcement in the Federal Register. Under new regulations, certain businesses must report key details about their beneficial owners and those who have applied to create or register the business.
These rules are part of the Corporate Transparency Act, a law aimed at fighting money laundering, terrorist financing, and other illegal activities. They’re designed to be effective while minimizing the impact on legitimate businesses.
Starting January 1, 2024, is your company prepared to comply?
Here’s a brief breakdown of what this means for you:
If your business is a corporation or LLC formed under U.S. law, including state and tribal laws, you may need to report as a domestic reporting company.
For businesses created under foreign laws but registered to operate in the U.S., you might fall under the foreign reporting company category.
If your company doesn’t meet the specified criteria, congratulations! You might not need to file a report.
But be warned: Non-compliance is not an option!
What’s the risk? Failure to report accurate beneficial ownership information or intentionally providing false details can lead to severe repercussions. We’re talking about civil penalties of up to $500 per day of non-compliance or even criminal charges, including up to two years in jail and fines up to $10,000. And yes, senior officers, you’re on the hook, too, if your entity drops the ball on filing the required BOI report.
Stay ahead of the game and ensure your business is ready to meet these new legal obligations. Dive into the flowchart below for a clear compliance path. #BusinessCompliance #TreasuryUpdate #BeneficialOwnership2024
#FICG we are here to help. Visit us at https://www.ficginc.com to help you with the BOI Compliance.
