Has anyone begun to comply with this new requirement for corps or LLCs? Any opinions as to the benefit of the program? I've not yet filed a report so I don't know how long it will take and am undecided as to whether or not it should be required. Is this just another unnecessary burden on the small business owner? Doesn't the IRS already have this information on most all LLCs? Can the federal government use this information to generate a database of a citizens' private investments and activity? "Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury." BOI Informational Brochure (fincen.gov) Understanding and Complying with the Federal Corporate Transparency Act | SCORE
It’s in the name… “financial crimes”, so yes it is important. It is part of a Trump era 2020 law to curtail shell companies and financial crimes. Complying with the law is a good thing. $10k max penalty for failure to comply or 10 years in jail for willful disregard.
