New Filing Requirement for LLC Business Owners: FinCEN Reporting Compliance

Staying compliant with changing regulations can be challenging for small business owners, especially when new requirements arise. The Financial Crimes Enforcement Network (FinCEN) has introduced a new filing requirement for LLC business owners that you must be aware of to avoid penalties and ensure your business operates smoothly. At Savoy Bookkeeping and Tax Services, we are here to help you navigate these changes effortlessly.

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Understanding the FinCEN Reporting Requirement

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The new FinCEN rule mandates that LLCs and other legal entities report beneficial ownership information. This regulation aims to combat illicit activities like money laundering and financing terrorism by enhancing transparency in business operations. As a business owner, you must report specific details about individuals who have significant control over the company or own a substantial portion.

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Who Needs to Report?

 

The requirement applies to all domestic and foreign LLCs and other legal entities registered to do business in the United States. You must report:

• The full legal name of each beneficial owner

• Date of birth

• Current residential or business address

• Unique identification numbers from an acceptable identification document (e.g., passport, driver's license)

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Important Deadlines

Compliance with the new FinCEN reporting requirement is crucial. The deadline specified by FinCEN must complete the initial filing, and ongoing updates are required whenever there are changes in beneficial ownership or other significant information.

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The Consequences of Non-Compliance

Failure to comply with the FinCEN reporting requirements can result in severe penalties, including:

• Substantial fines

• Potential criminal charges

• Damage to your business’s reputation

Ensuring accurate and timely reporting is essential to avoid these risks and keep your business running smoothly.

 

How Savoy Bookkeeping and Tax Services Can Help

 

Navigating new regulatory requirements can be overwhelming, but you don't have to do it alone. At Savoy Bookkeeping and Tax Services, we offer comprehensive packages tailored to meet the FinCEN reporting needs of LLC business owners. Our services include:

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1. Initial Assessment and Documentation:

Our experts will thoroughly assess your business to identify all beneficial owners and gather the documentation for FinCEN reporting.

2. Accurate Filing:

We will ensure that your FinCEN report is accurately completed and submitted on time, reducing the risk of errors and penalties.

3. Ongoing Compliance Monitoring:

Our team will monitor your business for any changes in ownership or other relevant information and handle all required updates to keep you compliant.

4. Personalized Support:

We provide personalized support and guidance throughout the process, answering your questions and addressing any concerns you may have.

 

Get Started Today

Don't let new regulatory requirements overwhelm you. Let Savoy Bookkeeping and Tax Services take the stress out of compliance so you can focus on growing your business. 

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Click here to get started

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