Nat'l FinCen Small Biz Rules and Fines
Wed Apr 24, 2024 8:11 am
Recently my accountant brought to my attention a rule that was instituted quietly that requires one to register a business with FinCen. Registration requires personal ID of owner, owner's physical address and etc.
Called "Beneficial Financial Reporting" registration is done at FinCen.gov. Supposedly intended combat money laundering
Failure to comply and register results in $500/day fines until compliant. Businesses created before 2024 have until 1/25 to comply.
"One of the significant concerns with the CTA is the lack of publicity the regulations have received, leaving many unsuspecting small businesses open to fines for something most have never heard of. "
There's a lawsuit against this scheme ongoing in Mich. focused on the intrusion of privacy.
"“They’re trying to create a database of tens of millions of businesses and all the decision-makers in those businesses. They say it’s for national defense and criminal enforcement, money laundering, and other activities. The problem is they’re indiscriminately treating all small-business owners as if they’re guilty. It’s essentially a warrant-less search,” Brian Calley, president and CEO of the Small Business Association of Michigan (SBAM) and former Michigan lieutenant governor"...
https://www.theepochtimes.com/us/small- ... Vtdw%3D%3D
https://home.treasury.gov/news/press-releases/jy2015
" Generally, reporting companies must provide four pieces of information about each beneficial owner:
name;
date of birth;
address; and
the identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.
The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”)."
https://www.fincen.gov/boi
Called "Beneficial Financial Reporting" registration is done at FinCen.gov. Supposedly intended combat money laundering
Failure to comply and register results in $500/day fines until compliant. Businesses created before 2024 have until 1/25 to comply.
"One of the significant concerns with the CTA is the lack of publicity the regulations have received, leaving many unsuspecting small businesses open to fines for something most have never heard of. "
There's a lawsuit against this scheme ongoing in Mich. focused on the intrusion of privacy.
"“They’re trying to create a database of tens of millions of businesses and all the decision-makers in those businesses. They say it’s for national defense and criminal enforcement, money laundering, and other activities. The problem is they’re indiscriminately treating all small-business owners as if they’re guilty. It’s essentially a warrant-less search,” Brian Calley, president and CEO of the Small Business Association of Michigan (SBAM) and former Michigan lieutenant governor"...
https://www.theepochtimes.com/us/small- ... Vtdw%3D%3D
https://home.treasury.gov/news/press-releases/jy2015
" Generally, reporting companies must provide four pieces of information about each beneficial owner:
name;
date of birth;
address; and
the identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State (including a U.S. territory or possession), local government, or Indian tribe. If none of those documents exist, a non-expired foreign passport can be used. An image of the document must also be submitted.
The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”)."
https://www.fincen.gov/boi
Re: Nat'l FinCen Small Biz Rules and Fines
Thu Apr 25, 2024 12:55 am
Sounds like a larger class action lawsuit is needed.
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