The U.S. government is stepping up financial transparency with the introduction of the Financial Crimes Enforcement Network (FINCEN) and Beneficial Ownership Information Reporting (BOIR) programs. These initiatives aim to curb money laundering and unveil the true beneficiaries within corporations.

Key Points for Business Owners:
• If you are a registered entity (have an EIN, or are recorded as “Doing Business As”) with the state and/or Federal government then you likely need to fill out some new forms and get them to this agency.
• Existing businesses have until January 1, 2025, to comply with BOIR, while new businesses starting this year have 90 days post-establishment to file. Starting next year, the filing deadline will be 30 days.
• Non-compliance could lead to fines from $500 per day up to $10,000 or two years of imprisonment. Compliance becomes more straightforward after your first filing, requiring updates only when significant changes occur.

Support for Compliance:
Excellence Accounting Solutions (EAS) offers guidance through these regulatory changes to help business owners remain compliant and informed. With penalties looming for non-compliance, professional assistance is crucial for navigating these legislative updates effectively.

Contact EAS for support in ensuring your business adheres to these new standards. Excellence Accounting Solutions can be reached by phone at (814) 208-4080 or by email at contact@easolutionsusa.com.

This article was published in the Venango Chamber’s March 2024 VenangoWorks! Newsletter.