The Corporate Transparency Act provides that all reporting companies must file a report with the Financial Criminal Enforcement Network (FinCEN) of the U.S. Treasury or be subject to a $500/day fine.  If you are an owner of a limited liability company (LLC), a professional limited liability company (PLLC) a corporation, a professional corporation, a limited partnership (LP), a limited liability partnership (LLP), a limited liability limited partnership (LLLP) you need to know if your company must file the FinCEN report or if it is exempt.

To determine if a company is exempt from the CTA’s FinCEN report requirement and its $500/day non-filing fine review the list of 30 exemptions contained in the CTA.  FYI: Almost all entities formed in the U.S. or outside the U.S. that do business in the U.S. are reporting companies under the CTA and must file a FinCEN report.  Companies that are not exempt from the CTA are called “reporting companies.”

FinCEN reports are due depending on when the entity was created.  Reporting companies formed before 2022 must file their FinCEN report not later than one year after the U.S. Treasury CTA regulations become final.  The CTA regulations have not become final so the filing clock has not started ticking for reporting companies formed before 2022.

Reporting companies created after 2021 must file their FinCEN report not later than 14 days after the entity was formed.  As of today the FinCEN has not created a way for newly formed entities to file their FinCEN report.

If you have a reporting company, it needs to hire us, FinCEN Filer, LLC, to assist in collecting the required information, preparing the company’s FinCEN report and filing the report with FinCEN.  That is what we do.  Hiring us will give you peace of mind that FinCEN won’t be fining your company $500/day for not filing its FinCEN report.

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FinCEN Filer, LLC's purpose is to inform people about the Corporate Transparency Act and to prepare and file reporting companies' initial and amended CTA FinCEN reports. To hire us to prepare and file an initial or an amended FinCEN report go to our Services page.