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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Posuere urna nec tincidunt praesent. Sit amet tellus cras adipiscing enim eu. Sit amet tellus cras adipiscing. Id aliquet risus feugiat in ante metus dictum at. Posuere morbi leo urna molestie at elementum. Ac tincidunt vitae semper quis lectus. Eu nisl nunc mi ipsum faucibus. Nulla facilisi morbi tempus iaculis urna. In hac habitasse platea dictumst vestibulum. Massa eget egestas purus viverra accumsan. Et malesuada fames ac turpis [. . .]

Sample Blog Post 1

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Posuere urna nec tincidunt praesent. Sit amet tellus cras adipiscing enim eu. Sit amet tellus cras adipiscing. Id aliquet risus feugiat in ante metus dictum at. Posuere morbi leo urna molestie at elementum. Ac tincidunt vitae semper quis lectus. Eu nisl nunc mi ipsum faucibus. Nulla facilisi morbi tempus iaculis urna. In hac habitasse platea dictumst vestibulum. Massa eget egestas purus viverra accumsan. Et malesuada fames ac turpis [. . .]

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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Posuere urna nec tincidunt praesent. Sit amet tellus cras adipiscing enim eu. Sit amet tellus cras adipiscing. Id aliquet risus feugiat in ante metus dictum at. Posuere morbi leo urna molestie at elementum. Ac tincidunt vitae semper quis lectus. Eu nisl nunc mi ipsum faucibus. Nulla facilisi morbi tempus iaculis urna. In hac habitasse platea dictumst vestibulum. Massa eget egestas purus viverra accumsan. Et malesuada fames ac turpis [. . .]

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Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Posuere urna nec tincidunt praesent. Sit amet tellus cras adipiscing enim eu. Sit amet tellus cras adipiscing. Id aliquet risus feugiat in ante metus dictum at. Posuere morbi leo urna molestie at elementum. Ac tincidunt vitae semper quis lectus. Eu nisl nunc mi ipsum faucibus. Nulla facilisi morbi tempus iaculis urna. In hac habitasse platea dictumst vestibulum. Massa eget egestas purus viverra accumsan. Et malesuada fames ac turpis [. . .]

Sample Blog Post 1

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Posuere urna nec tincidunt praesent. Sit amet tellus cras adipiscing enim eu. Sit amet tellus cras adipiscing. Id aliquet risus feugiat in ante metus dictum at. Posuere morbi leo urna molestie at elementum. Ac tincidunt vitae semper quis lectus. Eu nisl nunc mi ipsum faucibus. Nulla facilisi morbi tempus iaculis urna. In hac habitasse platea dictumst vestibulum. Massa eget egestas purus viverra accumsan. Et malesuada fames ac turpis [. . .]

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FinCEN’s Updated Notice re National Small Business United v. Yellen

The following is the text of a March 11, 2024, FinCEN news release:

“On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power and enjoining the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. The Justice Department, on behalf of the [. . .]

Federal District Court Says Corporate Transparency Act is Unconstitutional

The following is a March 4, 2024, news item on FinCEN’s website:

On March 1, 2024, in the case of National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.), a federal district court in the Northern District of Alabama, Northeastern Division, entered a final declaratory judgment, concluding that the Corporate Transparency Act exceeds the Constitution’s limits on Congress’s power and enjoining the Department of the Treasury and FinCEN from enforcing the Corporate Transparency Act against the plaintiffs. FinCEN will comply with the court’s order for [. . .]

Is My Data In Your System Secure?

Question: If I upload information about my reporting company and its beneficial owners to FinCEN Filer, LLC’s database secure?

Answer: Yes. FinCEN Filer, LLC’s online database system that retains your data is an ISO 27001-compliant ISMS (information security management system). It secures your data. Independently accredited certification to the ISO 27001 Standard provides verification that your company’s information security is managed according to international best practice, and supports compliance with a host of laws, including the EU GDPR (General Data Protection Regulation), DPA (Data Protection Act) 2018 [. . .]

Must Read Article for BOI Report Do-It-Yourselfers

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 $500/Day Fine.” It explains in detail what owners of U.S. companies need to do to avoid the $500 a day late filing fine. Before filing a FinCEN BOI report yourself you must read FinCEN’s 33 page report FAQ.

What If Beneficial Owner Refuses to Give Information?

Question: What should a reporting company do if a beneficial owner or company applicant withholds information?

Answer: While FinCEN recognizes that much of the information required to be reported about beneficial owners and company applicants will be provided to reporting companies by those individuals, reporting companies are responsible for ensuring that they submit complete and accurate beneficial ownership information to FinCEN. Starting January 1, 2024, reporting companies will have a legal requirement to report beneficial ownership information to FinCEN.

Existing reporting companies should engage with [. . .]

Who Can Be Liable for Violating BOI Reporting Requirements?

Question: Who can be held liable for violating BOI reporting requirements?

Answer: Both individuals and corporate entities can be held liable for willful violations. This can include not only an individual who actually files (or attempts to file) false information with FinCEN, but also anyone who willfully provides the filer with false information to report. Both individuals and corporate entities may also be liable for willfully failing to report complete or updated beneficial ownership information; in such circumstances, individuals can be held liable if they either [. . .]

What Are the Penalties for Violating BOI Reporting Requirements?

Question: What penalties do individuals face for violating BOI reporting requirements?

Answer: As specified in the Corporate Transparency Act, a person who willfully violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000. Potential violations include willfully failing to file a beneficial ownership information report, willfully filing false beneficial ownership information, or [. . .]

Rick

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