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Business Owners learning about Reporting Companies and who needs to file a FinCEN Report

REPORTING COMPANIES

​What is a Reporting Company?

An entity or business is deemed a ""Reporting Company" when engaging in business activities within the United States, unless it falls within the classification of an exempt entity.​

 

Who Must File a FinCEN Report?​

The Corporate Transparency Act (CTA) requires that all "reporting companies" submit a report to the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury. Failure to comply may lead to a daily fine of $500. The filing deadline is contingent upon the formation date of the company:

 

​For companies established before January 1, 2024, the deadline for filing their FinCEN report is January 1, 2025. On the other hand, companies formed after December 31, 2023, are required to submit their FinCEN report within thirty days from their respective formation dates.​

 

Owners of entities such as limited liability companies (LLCs), professional limited liability companies (PLLCs), corporations, professional corporations (PCs), limited partnerships (LPs), limited liability partnerships (LLPs), limited liability limited partnerships (LLLPs), or business trusts, also known as statutory trusts or Massachusetts trusts, should ascertain whether their company falls within the classification of a CTA reporting company. This awareness is crucial for taking timely action and preventing the imposition of the $500-per-day late filing penalty.​

 

An important note: The majority of entities established in the U.S. or conducting business within the U.S. fall under the category of reporting companies according to the CTA, necessitating the filing of a FinCEN report. To streamline this process, reporting companies have the option to utilize the services provided by FinCEN Reporting, Inc., in order to:​

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Collect the essential information mandated by the Corporate Transparency Act (CTA) concerning your company, its beneficial owners, and the person responsible for its establishment.

  • Prepare and Submit the company’s FinCEN report.

  • Submit an amended FinCEN report in cases where the information previously provided has undergone revisions.

 

Relying on our expertise and choosing to hire us guarantees peace of mind, mitigating the risk of FinCEN imposing a $500-per-day fine due to the failure to file the initial subsequently amended FinCEN reports.​

 

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