For Existing Clients
Hopp & Associates, PC will work with existing Estate Planning and Business clients to assist in determining if they are required to file with FinCEN. However, we will NOT take any action to file on your behalf if we are not engaged to do so. Any and all information required by the report will need to be provided to us, and will be kept confidential. We will require payment ahead of preparing any filing.
For All Business Owners
Corporate Transparency Act
Passed in 2021 and put into effect this year, beginning on January 1, 2024, the Corporate Transparency Act (Statute 31 USC Sec. 5536) requires any and all businesses formed in the United States, as well as foreign businesses operating in the United States, to report information about the company owner(s), or more obscurely, person(s) who exercise substantial control over the business (CFO, Senior Officers, those with authority appoint or name officers, those who have authority to make decisions, etc.). This information is shared with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). The rules have and continue to change. The current rules are found at 31 C.F.R. 1010.380. More rules and interpretations will likely be forthcoming.
Businesses that began on or after January 1, 2024:
You must file your report within 90 days.
Businesses that Began December 31, 2023 or prior:
You must file your initial report by January 1, 2025.
Businesses that begin January 1, 2025:
Require filings within 30 days.
Reporting Items To Have Ready
Items you should have readily on hand for the filing include but are not limited to the following:
Name, Address, Tax ID or EIN for the Business
Full Legal Name, Birthdate, Social Security Number, Residential Address for each reporting person. A minor must have their legal Parent or Guardian make the report.
Identification Proof such as Driver's License or Passport.
Who Has To File?
Any Beneficial Owner of a Business who holds 25% or more ownership interest; and any important decision maker for the business.
Right now there are 23 exemptions, but most entities that file with a State's Secretary of State will be required to file.
Most Corporations, LLC's, LP's, LLP's, LLLP's, and Charitable Organizations not considered exempt will have to file.
FAILURE TO REPORT MAY RESULT IN A FINE OF UP TO $10,000 AND/OR IMPRISONMENT UP TO 2 YEARS