Heads up small business owners, CEO's & CFO's! A new federal rule went into effect on January 1, 2024, requiring over 32 million small businesses nationwide to file ownership information to a little known agency in the U.S. Treasury Department or face potential penalties.
According to The Wall Street Journal, many of these businesses are unaware of this requirement. According to this The Wall Street Journal article, failing to comply with the FinCEN reporting requirement can lead to significant criminal and civil penalties, including for senior executives of companies. Willful failure to comply can also result in fines of up to $591 a day for each violation. Stay informed and file your ownership information to FinCEN to avoid penalties.
Check out the FinCEN Beneficial Ownership Information Reporting FAQ's for more information: https://lnkd.in/gTNyA2JM
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