On March 2, 2025, the U.S. Treasury issued the following  press release:

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only. Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”

“This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent.  “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”

The purposes of this website are to:

  1. Warn entity owners that a federal law effective January 1, 2022, called the Corporate Transparency Act (CTA), may cause their entity to be fined $591/day by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury if the entity fails to file a FinCEN Beneficial Owner Information report that discloses information about the entity, its beneficial owners and applicants on or before the due date of the report.
  2. Disclose the 30 types of entities that are exempt from the CTA.  Most entities that exist in the U.S. are not exempt and must file a FinCEN report.  An entity that must file a FinCEN BOI report is called a “reporting company.”
  3. Describe the information a reporting company must include in its FinCEN BOI report about each of its beneficial owners.
  4. Define “beneficial owner.”
  5. Define “applicant.”
  6. Convince reporting companies to hire us, FinCEN Filer, LLC, to assist them in collecting the information that must be disclosed, preparing the FinCEN BOI report, and filing the report with FinCEN so the company will not be fined $591/day for a late filing.

Warning Must Read Article

If you own a company that has to file a FinCEN BOI report you must read our article called “Navigating the Corporate Transparency Act: How to Avoid the $591/Day Fine.”  It explains in detail what owners of U.S. companies need to do to avoid the $591 a day late filing fine.  Before filing a FinCEN BOI report yourself, you must read FinCEN’s 33-page report FAQ.

Read the article . . . 

Our FinCEN Filing Service

We have a 100% online FinCEN BOI report filing service.  It’s simple and easy and takes 5 – 10 minutes to enter a reporting company’s data in our ISO/IEC 27001 secure online system.  The company’s contact person can enter beneficial owner info or cause our system to email a beneficial owner asking the BO to enter his or her data into our system.  Once the company approves the info, we digitally upload the data to FinCEN and email the filed report to the contact person.

Hire Us . . . 

What is the CTA?

A federal law called the Corporate Transparency Act, aka CTA, requires that beginning on January 1, 2024, all “reporting companies” must file a report with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury that discloses information about the reporting company and all of its beneficial owners and applicants on or before the filing deadline.  Failure to file a timely report is a $591/day fine.  Intentional failure to file the report can result in imprisonment of up to two years.

Learn more . . .

Who Must File a FinCEN Report?

FinCEN BOI reporting companies are:

  • Corporations, LLCs, limited partnerships, and any other entities created by filing a document with a secretary of state or state equivalent agency or a tribal agency.
  • Entities (including corporations and LLCs) formed under the law of a foreign country that registered to do business in the U.S. by filing a document with a secretary of state.

All U.S. entities regardless of when they were formed are reporting companies unless the entity is an exempt entity.

Is Your Company Exempt?

Most entities that exist in the United States are required by the CTA to file a FinCEN report that discloses information about all of the entities’ “beneficial owners” unless the entity is exempt.  See the list of 30 types of entities that are exempt from the CTA and that do not have to file a FinCEN report.  If your company is not one of the 30 types of companies that are exempt from the CTA then it must file a FinCEN report before the due date or be subject to the $591/day fine.

Beneficial Owner Definition

A beneficial owner is a person who either: (1) exercises substantial control over the reporting company, or (2) owns or controls at least 25% of the company’s ownership interests.  Managers of an LLC are BOs even if they do not own any membership interest in the company. The following are beneficial owners: a company’s president, chief financial officer, general counsel, chief executive officer, chief operating officer, or any other officer who performs a similar function.

See who is a beneficial owner . . .

FinCEN Report Contents

FinCEN BOI reports must disclose the following information about the reporting company’s beneficial owners and applicants: individual’s name; birth date; residential address; identifying number from a passport or U.S. driver’s license, issuing state or jurisdiction of the identification document; and image of the ID document showing the number.

Amended FinCEN Reports

If there is any change to the required information about a reporting company or its beneficial owners in a FinCEN report that a company filed, the company must file an updated report no later than 30 days after the date of the change.  A reporting company that fails to file a timely amended report is subject to the $500/day late filing fine.