 |
 |
It is currently Wed Apr 24, 2024 2:08 pm |
|
All times are UTC - 8 hours |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
Page 1 of 1 |
[ 1 post ] |
| Print view | Previous topic | Next topic |
Nat'l FinCen Small Biz Rules and Fines
| Author | Message |
|---|---|
 Site Supporter   Location: Lynnwood and at large Joined: Wed May 1, 2013 Posts: 21296 Real Name: Vick Lagina 
|
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 _________________ “Finding ‘common ground’ with the thinking of evil men is a fool’s errand” ~ Herschel Smith "The “A return to First Principles in a Republic is sometimes caused by simple virtues of a single man. His good example has such an influence that the good men strive to imitate him, and the wicked are ashamed to lead a life so contrary to his example. Before all else, be armed!” ~ Niccolo Machiavelli Láodòng zhèng zhūwèi zìyóu FJB |
| Wed Apr 24, 2024 8:11 am |
|
|
|
|
|
Page 1 of 1 |
[ 1 post ] |
|
All times are UTC - 8 hours |
Who is online |
Users browsing this forum: JohnMBrowning, surevaliance, ViniVidivici and 68 guests |
| You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot post attachments in this forum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|