FAQ Friday: FinCEN

On Friday, May 5th, Attorney, Steven Berger discusses FinCEN and the reporting requirements starting in 2024 for small businesses.

The corporate transparency act of 2021 is now coming into practice July 2024. FinCEN is the financial crimes enforcement network. The effective date is January 1, 2024. New businesses have within 30 days to complete their reporting while existing businesses have until January 1, 2025 to comply.

This is setup for small businesses and there are lots of exemptions. This is mostly corporations, and LLCs. If you have 20 or more employees you are exempt from finCEN, but you are most likely under sarbanes oxley.

The owner or someone with a controlling stake in a business is the reporter. It would include pertinent business information as well as individual personal information.

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