FinCEN BOI Reporting

We included information regarding a new federal report that must be filed with the Federal Government. Please review the information at your convenience and contact us if you have any questions.

We understand that many feel this new report is unnecessary and not particularly helpful. However, there is intense pressure placed on the US Government by the international community to require this reporting to thwart terrorism.

We anticipate legal challenges to this requirement, but we sense that this reporting will remain law in some form in the near future.

If you would like Newlon Services PA to file this report on your behalf, please contact us as soon as possible. We must meet with business owners to determine what information we need to complete the BOI report.

Our fee for existing clients is $175. Fees will vary for new clients and start-up clients.
Rush filing fees apply after November 15th, 2024.

Thank you for your business and the opportunity to work with you going forward.

• In 2021, Congress passed the Corporate Transparency Act (CTA) to curb illicit finance. The CTA establishes a federal filing requirement for most businesses.

• The CTA became law on January 1, 2024.

• Any corporation, limited liability company or other entity registered with the Secretary of State is required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN).

• If your business was formed prior to 2024, the filing deadline is December 31st, 2024.

• This is not an annual requirement. Unless a company needs to update or correct information, a report only requires submission once.

• ALERT: Carries a minimum $500 per day fine if filed after deadline date.

__________________________________________________________
Additional Information:

On Jan. 1, 2021, Congress enacted into law the Corporate Transparency Act, which establishes a new framework for the reporting, maintenance and disclosure of beneficial ownership information to better enable critical national security, intelligence and law enforcement efforts to counter money laundering, the financing of terrorism and other illicit activity, among other items.
The CTA is designed to combat money laundering and other financial crimes by requiring a broad range of entities to disclose information about their owners and persons who exercise control to the Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Treasury.
Beneficial Ownership Information reporting was established by the 2021 Corporate Transparency Act and went into effect on January 1, 2024.
Each “reporting company” must file a BOI report with FinCEN. As defined by the CTA, a “reporting company” means a corporation, limited liability company, or other similar entity that is created or registered to do business in the U.S. by filing a document with a secretary of state (or comparable office).
Your BOI report needs to be filed with the Financial Crime Enforcement Network (FinCEN) before your company's due date. If your company was formed prior to 2024, it must be filed by December 31, 2024.Per the CTA, failure to comply can result in significant fines and imprisonment for these small business owners.
Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.

https://boiefiling.fincen.gov/

https://www.congress.gov/bill/116th-congress/house-bill/2513
www.newloncpa.com