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If you haven’t heard yet, the Corporate Transparency Act was a new law that required small business owners with 25% ownership or control to register their beneficial ownership with the Financial Crimes Enforcement Network (FinCEN.gov).
Last week, a federal court in Texas issued an injunction, halting the requirement. on the FinCEN website, there’s an alert reading as follows:
“In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”
The penalty for not filing was $500 per day per shareholder, adjusted for inflation. For new entities formed in 2024 and beyond, individuals were given 90 days to file appropriately. Existing businesses prior to Jan 1st, 2024, were given until December 31st to file.
With this new injunction, as stated above, companies will not be fined for not filing the Beneficial Ownership Information Report. Who knows how long this will be in court… If you choose not to file, pay close attention. If the plaintiff wins, you’ll be fine. If the injunction is lifted, the penalties are severe. Stay tuned!
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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.