New Requirement for Businesses: Filing a Beneficial Ownership Information Report with FinCEN may be required
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New Requirement for Businesses: Filing a Beneficial Ownership Information Report with FinCEN may be required

Starting in 2024, many U.S. businesses will be required to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). This new Corporate Transparency Act rule mandates that small businesses disclose their beneficial owners, improving transparency and combating financial crimes. The BOI report applies to most corporations and LLCs with fewer than 20 employees and under $5 million in revenue. Non-compliance can lead to hefty fines and penalties. Stay informed and ensure your business meets FinCEN requirements.

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