IMPORTANT NOTICE – NEW FILING REQUIRED
FOR OWNERS OF LLC’S, CORPORATIONS, AND OTHER ENTITIES
Dear Clients and Friends of our Practice:
We are sending out this reminder to our clients and friends whom we know or suspect have a business entity that is subject to NEW federal filing requirements. Failure to comply with the filing requirements could result in a $500 penalty for each day beyond the filing deadline!
Beginning January 1, 2024, certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in the United States must report information about their beneficial owners—the persons who ultimately own or control the company—to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is part of federal legislation known as the Corporate Transparency Act. The law was enacted as an anti-money laundering measure.
If your entity existed prior to January 1, 2024, you must file a beneficial owner report by the end of this year.
Additional information about the reporting requirements is available on FinCEN’s beneficial ownership information webpage, fincen.gov/boi. Information specific to small businesses is available at fincen.gov/boi/small-business-resources.
The Virginia State Corporation Commission sent out a letter notifying Virginia entities of this required filing, but we are finding that some of our clients are still not aware of it.
We do not believe the filing will be difficult for most of our clients to complete themselves. You can file the report online by going to www.fincen.gov/ and clicking the tab to “file your report now.” If you find you need assistance, please contact our office by November 15, 2024 to ensure we have time to help. You will need to provide us with personal information for all owners of your entity including full name, date of birth, copy of photo identification, residence address, and mailing address. We will also need the tax identification number for each entity, any trade names/fictitious names, state of formation, business address, and how your company is taxed (ie. sole proprietor, partnership, S corp, etc.). We will be happy to assist you if you contact our office by November 15.
