This never-ending saga of filing the Beneficial Ownership Information Report should be coming to an end.
For any new Corporation or LLC owners, I’ll catch you up: A new law was passed requiring owners of Corporations and LLCs to register with the Financial Crimes Enforcement Network (FinCEN) to disclose control or ownership of business entities. If you own or control 25% or more of a Corporation or LLC, the law says you must register with FinCEN within 30 days of starting an entity. Initially, the penalty for not filing this report was $591 PER DAY, PER SHAREHOLDER, with possible jail time for those not in compliance!
The intent of this law, which became effective Jan 1st, 2024, was to cut down on nefarious actors using corporate entities for fraud, money laundering, etc. There have been several lawsuits claiming this law causes undue burden and government overreach for small business owners. The federal courts started and stopped this filing requirement several times in 2024 and 2025.
NCH’s position has not changed, and we continue to encourage clients to file. However, in light of recent developments, no fines, penalties, or enforcement actions will be taken until a forthcoming interim final rule becomes effective and the new relevant due dates in that rule have passed. Hopefully, on March 25th, 2025, we will get the final ruling. Stay tuned, we’ll keep you up-to-date and informed.
NCH is a full-service incorporating firm. With over 36 years in business, we not only form corporations and LLCs for business owners and investors, but we have an In-house Legal Department, Tax & Accounting Firm, Business Credit Team, Business Plan Team, and Estate Planning (Trusts and Wills), and support Self-directed IRAs and SoloKs. Please do reach out to NCH for anything you need help with.
With NCH, the state’s top business formation service, you can register your LLC in Nevada quickly and easily. Our specialists will help you choose the right entity for your company and understand why an LLC in Nevada is your best option. We’ll assist you with all necessary Nevada LLC forms, including the vital Articles of Organization, and help you comply with state regulations. In addition, we offer expert assistance with tax compliance, credit building, and payroll management. Schedule a private consultation to explore effective solutions to minimize tax liabilities and protect your wealth. Start unleashing your LLC’s full potential today with NCH. Schedule a consultation with Adam Kintigh today!
DISCLAIMER: The above material has been prepared for informational purposes only, containing opinions of the provider, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Please consider consulting tax, legal, and accounting advisors before engaging in any transaction.
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