I wanted to inform you about a new federal regulation that could impact you if you are a business owner. All companies, regardless of when they were formed, are now required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCen). FinCen is a bureau of the U.S. Department of the Treasury.

Companies created before January 1, 2024, must comply by January 1, 2025, while those created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.

After the initial filing, a reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective. This regulation aims to prevent the misuse of anonymous shell companies for activities such as money laundering and other financial crimes.

While there is ongoing litigation questioning the constitutionality of this regulation, it remains crucial to stay informed and be prepared. If you incorporated your business through a lawyer or a service like LegalZoom, they should be able to assist you with this filing, possibly at no additional cost as part of your annual renewal. For more detailed information, you can visit the official FinCEN website: https://fincen.gov/boi.

If your business does not fall under one of the exempt categories (https://fincen.gov/boi-faqs#C_2) and you need our assistance with this filing, we are here to help. We can manage the process for a fee of $300.

Please feel free to reach out if you have any questions or would like to proceed with our assistance.