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You read the title right.
Starting Jan 1st 2024 all businesses operating in the U.S. who filed with a state (LLC, S-Corp, Etc.), must now file with the "Financial Crimes Enforcement Network" (A division of the Department of Treasury).
I just finished filing mine for Scorpion Agency LLC:
Here's more information about FinCEN:
e-File FinCEN Here
I know a lot of members on NamePros have LLC's or S-Corps, so I figured I would share this in case you haven't encountered it yet. I was alerted to it right after filing my Taxes and renewing my Texas State Franchise Tax that the Federal Government now requires additional filing for FinCEN.
I figured I should get my filing done to avoid any issues later down the line with the Treasury department.
Has anyone else filed for their FinCEN ID yet?
Starting Jan 1st 2024 all businesses operating in the U.S. who filed with a state (LLC, S-Corp, Etc.), must now file with the "Financial Crimes Enforcement Network" (A division of the Department of Treasury).
I just finished filing mine for Scorpion Agency LLC:
Here's more information about FinCEN:
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them.
FinCEN began accepting reports on January 1, 2024.
FinCEN launched the BOI E-Filing website for reporting beneficial ownership information (https://boiefiling.fincen.gov) on January 1, 2024.
- A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial BOI report.
- A reporting company created or registered in 2024 will have 90 calendar days to file after receiving actual or public notice that its creation or registration is effective.
- A reporting company created or registered on or after January 1, 2025, will have 30 calendar days to file after receiving actual or public notice that its creation or registration is effective.
Full FinCEN FAQCompanies required to report are called reporting companies. There are two types of reporting companies:
There are 23 types of entities that are exempt from the reporting requirements (see Question C.2). Carefully review the qualifying criteria before concluding that your company is exempt.
- Domestic reporting companies are corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- Foreign reporting companies are entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.
FinCEN’s Small Entity Compliance Guide for beneficial ownership information reporting includes the following flowchart to help identify if a company is a reporting company (see Chapter 1.1, “Is my company a “reporting company”?”).
e-File FinCEN Here
I know a lot of members on NamePros have LLC's or S-Corps, so I figured I would share this in case you haven't encountered it yet. I was alerted to it right after filing my Taxes and renewing my Texas State Franchise Tax that the Federal Government now requires additional filing for FinCEN.
I figured I should get my filing done to avoid any issues later down the line with the Treasury department.
Has anyone else filed for their FinCEN ID yet?
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