Get Ready for Big Changes: FinCEN Rules in 2024
- Dewayne Williams
- Dec 19, 2023
- 2 min read
Big news! There are new rules for small business owners, and they're called the FinCEN Rules. They kick in on January 1, 2024, and guess what? They're a pretty big deal for small business owners like you. Let's break it down and see why these rules aren't just your usual updates – they're game-changers.
Understanding Who Owns What: The Basics
Okay, so first things first – beneficial ownership information. It's like a peek behind the scenes to know who's really in charge of a company. The aim is to make it tough for people trying to hide their shady stuff using secret shell companies and LLCs, masking the real truth about what's going on in their business. It's a crackdown on money laundering and targeting LLC owners who are quick to use the company as a cover-up.
Where Did These Rules Come From?
Back in 2021, Congress made a move called the Corporate Transparency Act. This law says companies have to make it known who owns them. Why? To stop people from hiding their not-so-honest money in LLCs with tricky ownership setups.
Who Gets to See the Info?
FinCEN, the Financial Crimes Enforcement Network, allows government officials at the federal, state, local, and tribal levels, along with certain foreign individuals, to access this information. Banks also have permission to see these details.
Some Businesses Get a Pass: Exemptions are a Thing
Not every company has to report. Publicly traded companies that follow specific rules, lots of nonprofits, and certain big companies get a pass. This is where we come in!
At MAC Enterprise Consulting, we help business owners understand how to properly set up a company and use a number of different strategies to help business owners navigate around this.
Why the Rush?
If you do not start your new business before January 1, 2024, you will have to deal with this new FinCen rule. If you start a business on or after January 1, 2024, you have 30 days to complete your Beneficial Ownership Form. Here's the catch – if you don't play by the rules, you could face fines of up to $500 a day.
How to Bypass this New Ruling for Your New Business
Pay just $299 + state fee
We handle the rest
Three Good Reasons
No Fines: Keep that $500/day fine away.
Easy Move: Make sure your business has a smooth start in 2024.
Save Money: Grab our special rate before it disappears.
Inside Scoop: FinCEN is on Your Side
The Financial Crimes Enforcement Network is specifically looking for business owners who don't play by the rules. And here is the interesting part: you don't get to say you didn't know, as that will not get you out of the fines.
Deadline Reminder: Don't Wait!
January 1, 2024, is coming up fast! Grab your business's future today.
Here's to a great 2024 for your business!
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