Penalty for Non-Compliance - $500/day, $10K or Imprisonment.

 The CTA will require all “reporting companies” to disclose certain beneficial ownership information (BOI) to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). 

 BOI refers to identifying information about the individuals who directly or indirectly own or control a company.  

 A beneficial owner is an individual who either directly or indirectly: (1) exercises substantial over the reporting company, or (2) owns or controls at least 25% of the reporting company’s ownership interests. 

 "FinCen" will begin accepting BOI on January 1st, 2024.  

 Reporting will be via an electronic filing through FinCen. The report is private except that government agencies may access any banks (with company permission). There is no fee from FinCEN. 

 Entities that are formed or registered to do business in the United States by the filing of a document, with a Secretary of State or similar office (e.g. corporations, LLC, LLPs). 
 

•  Full Legal Name 
• Date of Birth 
• Current, as of the date of the report, residential or business street address (NO PO BOX) 
• U.S. Passport or State issues ID/DL number along with image of ID. 

•  Its full legal name 
• Any trade or “doing business as” names. 
• Current street address of its principal place of business 
• Its jurisdiction of formation or registration; and 
• Its Taxpayer Identification Number (or, if a foreign reporting company has not been issued a TIN, a tax identification number issued by a foreign jurisdiction and the name of the jurisdiction).

 If there is any change to the required information about your company or its Beneficial Owners in a Beneficial Ownership Information report that your company filed, your company must file an updated report no later than 30 days after the date of the change.  

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial Beneficial Ownership Information Report.

A Reporting Company created or registered on or after January 1, 2024, will have 90 days (recently extended from 30) to file its initial Beneficial Ownership Information Report.

This 90-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after a Secretary of State or similar office first provides public notice of its creation or registration, whichever is earlier.

Penalties for Failure to File? 

• $500 per day civil penalty 
• $10,000 fine or 2 years imprisonment
• 90-day Safe Harbor 

There are 23 listed exemptions. These include, among others: 

• “Large operating companies,” which are entities that have more then 20 full time employees OR reported more than $5 million of revenue
•  “Inactive Entity”, which are entities that were set-up before 1/1/2020, are not actively doing business, no assets, AND have no change in ownership or transactions over $1k in past 12 months If the entity is exempt, no further action is required. 

 Yes, our law partners will be providing this service, for NextLevel Business Solutions Clients, starting January 1st, 2024.   

 NextLevel Business Solutions, in partnership with their corporate Lawyers, will handle "FinCEN" initial reporting and amendment updates as part of its Company Compliance Service for entities, for all existing and new clients who need to file, in 2024 and thereafter.  Just complete the application, here, to get started and to avoid the $500 per day penalty. 

We have an arrangement with our corporate lawyers to provide this service to you, at an extremely low price.

 Just complete the application, here, to get started, to avoid the $500 per day penalty. We Guarantee you will be very pleased with our service, regarding this important matter. Don't delay... Get Started, Today! Someone from partner law office will be in touch with you, about proceeding with compliance.

Again, we have an arrangement with our corporate lawyers to provide this service for you, at an extremely low price.