“How Businesses and Rentals That Exist
on January 1, Trigger FinCEN Filings”
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with all the details…
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Some quick definitions:
FinCEN: Financial Crimes Enforcement
Network
CTA: Corporate Transparency Act
BBO: Business Beneficial Owner
This issue of the Tax Reduction Letter was difficult to write.
Why?
Because the subject is so complex, it’s hard to make sense of everything in a short space. So bare with me. Here goes…
The Corporate Transparency Act goes into effect on January 1, 2024. This law imposes a new requirement for federal filing on or before December 31, 2024,
This is true for most existing corporations, limited liability companies, and limited partnerships, and many other types of business entities.
Failure to comply can result in hefty monetary penalties and up to two years in prison.
FinCEN. Do you use an LLC to own a rental property or operate a business?
If you do, you likely face the new filing requirement by the Department of the Treasury’s financial intelligence unit… Financial Crimes Enforcement Network (FinCEN)
Fail to file and you face big penalties and possible prison time.
Business Beneficial Owners Businesses that have to report and that are in existence on January 1, 2024, must file on or before December 31, 2024, a beneficial owner information (BOI) report with FinCEN.
Again, fail to report and you face severe penalties.
So what does all this mean?
CLICK HERE to read my completely new article titled:
“How Business and Rentals That Exist on
January 1, Trigger FinCEN Filings”