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As reported here and in our prior newsletter, new legislation requires owners of small businesses (including LLCs and corporations; under $5 million in revenue) to report their owners’ names to the federal agency known as FinCEN (Financial Crimes Enforcement Network).  There is a fine of up to $500 per day for violations, so this is a regulation that should not be ignored.

For new LLCs and corporations, the deadline is within 90 days of the formation.  For LLCs and corporations in existence as of January 1st of this year, the deadline is January 1. 2025.

Finney Law Firm attorney Casey Jones has carefully researched and written about the new FinCEN requirements and is heading our efforts to educate our clients on the intricacies of the statute and to assure compliance by our firm and our clients.

• On Tuesday, May 14, at noon Ms. Jones will conduct a webinar informing clients of the new FinCEN requirements and answering questions you may have.

The link to sign up for the webinar is here.