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As you may be aware, most small businesses face a new requirement to report Beneficial Ownership Information to the to the Financial Crimes Enforcement Network (FinCEN), which is part of the U.S. Treasury Department. To control against illicit finance, the Corporate Transparency Act of 2021 requires many companies doing business in the United States to report information about who ultimately owns or controls them. As there are penalties connected with non-reporting, the SBA Office of the National Ombudsman and its Fairness Regulatory Board are supporting outreach to ensure our nation’s new and existing small businesses know of this requirement and to promote awareness of how to comply. We ask that you visit the FinCen website directly to learn more about the requirement and whether it affects you, and to share this new reporting requirement with a fellow small business. https://fincen.gov/boi About the SBA Office of the National Ombudsman The National Ombudsman assists small businesses, small government entities, and small nonprofits when they are subject to excessive enforcement by a federal agency. Excessive enforcement may include repetitive audits or investigations, excessive fines, penalties, threats, retaliation or other unfair enforcement action. To learn more visit https://lnkd.in/ecgspyxU

Your company may require to file BOIR The Beneficial Ownership Information Report (BOIR) is a new requirement established under the Corporate Transparency Act (CTA), which took effect on January 1, 2024. The BOIR is designed to combat illicit financial activities such as money laundering and tax evasion by increasing transparency in business ownership. Under the CTA, many types of business entities, including corporations, limited liability companies (LLCs), and other entities registered to do business in the U.S., must file a BOIR with the Financial Crimes Enforcement Network (FinCEN). However, certain entities, like large operating companies and some non-profits, are exempt from this requirement. To file a BOIR, companies must report detailed information about their beneficial owners, defined as individuals who own or control at least 25% of the company or exercise substantial control over it. The report must include: The company's full legal name, business address, and jurisdiction of formation or registration. Each beneficial owner's full legal name, date of birth, home address, and a photocopy of a valid identification document (e.g., a driver's license or passport). The BOIR must be filed electronically through FinCEN's website. Companies formed before January 1, 2024, have until January 1, 2025, to submit their reports, while those formed after this date must file within 30 days of their formation or registration (U.S. Department of the Treasury) (FindLaw) (FinCEN) (U.S. Chamber of Commerce). For more information on filing requirements and procedures, you can visit the FinCEN website or consult legal resources such as FindLaw and the U.S. Chamber of Commerce. 4o

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued another resource to familiarize small business owners with beneficial ownership reporting requirements. These reporting requirements are mandated by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. This law requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them. The toolkit contains templates and sample content that has been structured to allow private, public, and non-profit organizations to share and amplify this important information. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN. The toolkit furthers FinCEN’s outreach efforts to inform small businesses of the reporting requirements. To date, FinCEN has issued guidance, FAQs, videos, and other materials to make compliance as easy as possible. In addition, senior FinCEN officials continue to meet with small business owners and other key stakeholders nationwide to help small businesses fulfill their reporting requirements. https://lnkd.in/gztCNQjp

Has anyone else got this notice????? Dear Business Owner or Representative: The Corporate Transparency Act (CTA) was passed by the United States Congress to combat money laundering and terrorist financing. The CTA establishes a beneficial ownership information reporting requirement for corporations, limited liability companies, and other similar entities created or registered to do business in the United States. The beneficial ownership information reports must be filed with the Financial Crimes Enforcement Network (FinCEN), a bureau within the U.S. Department of Treasury. Reporting companies that were formed or registered prior to January 1, 2024, must file an initial beneficial ownership information report by January 1, 2025. Reporting companies that were formed on or after January 1, 2024, must file a beneficial ownership information report within 90 calendar days of notice of formation. Reporting companies that were formed on or after January 1, 2025, must file a beneficial ownership information report within 30 calendar days of notice of formation. Beneficial ownership information reports are filed at https://www.fincen.gov/boi. The requirement to report beneficial ownership and other information about the business directly to FinCEN applies to most businesses registered with our office. As it is important for our office to assist businesses in our state, we want to inform you of this new reporting requirement as failure to comply may result in significant civil and criminal penalties. We encourage you to review the information found here: https://www.fincen.gov/boi. Our office is not collecting this information, nor do we have access to the information reported to FinCEN. The Secretary of State’s staff cannot provide information, advice, or legal counsel regarding FinCEN’s beneficial ownership information reporting requirements. Please contact FinCEN if you have any questions or concerns:    Phone number: 1-800-767-2825    Website: https://lnkd.in/eqsAP4hE

FinCEN's latest FAQs confirm that Homeowner Associations are (almost always) not exempt and will need to file #boi reports under the #CTA. Many #HOA management companies have been hoping that FinCEN would exempt #commuityassociations. FinCEN's latest FAQ clarifies that non-exempt Associations will need to file before the end of 2024. https://lnkd.in/g32ABQvJ

If you’re a small business owner, don’t miss this deadline! The U.S. government now requires most small businesses to file a Beneficial Ownership Information (BOI) Report with FinCEN by January 1, 2025! Failure to file could result in hefty fines—let’s avoid that! 🚨💼 Here’s what you need to know: 🔹 Who needs to file? Businesses such as LLCs, corporations, and certain partnerships must file. Note: Sole proprietors and many trusts are generally exempt from this requirement, but be sure to confirm your business’s obligations. 🔹 What info is required? You’ll need to provide basic details about your business and anyone who owns 25% or more or has significant control, including their name, address, date of birth, and a government-issued ID. 🔹 How to file? Reports must be submitted to FinCEN (Financial Crimes Enforcement Network) through their online portal. Pro Tip: Filing on time helps you avoid costly fines, letting you focus on growing your business! 🚀 Disclaimer: This information is provided for educational purposes only. Please review the official government website https://fincen.gov/boi and consult with a qualified professional for any legal or financial advice.

To assist you in determining your potential obligations with the Financial Crimes Enforcement Network (FinCEN) under the new regulations, we have developed a BOI Questionnaire tool. This tool will help you ascertain whether your company needs to file a BOI report or qualifies for an exemption. Failure to comply with these regulations can result in a civil penalty of up to $591 per day, a criminal fine of up to $10,000, as well as imprisonment. Access the free questionnaire: Does My Company Need to File a BOI Report? For companies required to file, we encourage you to begin the process through BOI Comply. Should you have any questions or require assistance at any point, our dedicated team is here to support you. Additionally, you might find our FAQ page helpful for quick answers to common questions. https://lnkd.in/en5XtcUH URS Agents, LLC 3675 Crestwood Parkway, Suite 350 Duluth, GA 30096 844-390-0708 jferguson@ursagents.com   About URS Compliance URS Compliance (The State Registration Experts®) has been a reputable and trusted provider of comprehensive compliance services since 2003. Our commitment is to deliver tailored, comprehensive compliance solutions to meet the specific needs of Corporations, Limited Liability Companies, Partnerships, and Non-Profit Organizations. URS offers nationwide Registered Agent services and can take care of managing your Annual Reports (also known as Annual Registrations) at the Secretary of State level. Additionally, we handle your Charitable Registrations, Renewals, and all your Corporate Filing requirements, ensuring your compliance and allowing you to focus on your core business activities.Copyright © 2024 URS Agents, LLC, All rights reserved.

FinCEN Updates: FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information ————————————————————— FinCEN Updates Frequently Asked Questions on Beneficial Ownership Information The Financial Crimes Enforcement Network (FinCEN) has updated some of its Beneficial Ownership Information Frequently Asked Questions and issued several additional ones. The topics covered are: A. General Questions • Access to BOI (A3 and A6) B. Reporting Process • Who Can File a BOI Report (B7 and B8) • Unauthorized Practice of Law (B9) • How to Report Multiple Beneficial Owners and Company Applicants (B10) C. Reporting Company • What Are Considered Similar Offices (C17) • Corporate Conversion (C18) • Registering in Multiple States (C19) D. Beneficial Owner • Number of Beneficial Owners (D1i) • No Beneficial Owners with Ownership Interest (D1ii) • Community Property (D18) F. Reporting Requirements • Acceptable Identification Documents (F5i, F5ii, F15) • Reporting Company Address (F12) • Address Confidentiality Programs (F14) L. Reporting Company Exemptions • Subsidiary Exemption (L3i, L6) • PIV Exemption (L10) • Operating from a Personal Residence (L11) M. FinCEN Identifier • FinCEN Identifier Use and Updates (M2 and M5i) N. Third-Party Service Providers • Third-Party Service Providers (N4) To find out more about the reporting process, visit https://www.fincen.gov/boi. Frequently Asked Questions: https://lnkd.in/eGujQn7U

What Is self-dealing in trust administration? A trustee usually has quite a bit of discretion in their management of a trust’s accounts, money, and property. At the same time, as a fiduciary, a trustee also owes the trust’s beneficiaries a duty of loyalty, which prohibits the trustee from self-dealing. In the simplest terms, self-dealing happens when a trustee uses the trust’s assets for their own benefit instead of for the beneficiaries’ benefit. Despite this simple definition, self-dealing can be much harder to identify in practice and is often done in ignorance, particularly when there are complicating factors such as the trustee also being a trust beneficiary. Some common examples of self-dealing are a trustee: 🔸Making gifts to themselves from the trust’s assets 🔸Borrowing money from the trust 🔸Investing the trust’s assets in their own business 🔸Investing in high-risk investments for their own benefit 🔸Selling property to or buying property from the trust 🔸Mixing the trust’s assets with their personal assets 🔸Paying themselves more than a reasonable amount of compensation 🔸When also a beneficiary, making a larger distribution to themselves than to any other beneficiary An inexperienced trustee may not even realize that they are breaching their fiduciary duties. However, there are a few safe harbor rules that a trustee can follow to ensure that they will not be accused of self-dealing and find themselves involved in an unwanted lawsuit. First, a trustee can seek the approval of the trust beneficiaries for any action or inaction. If, after all facts are fully disclosed, the beneficiaries consent to the trustee’s proposed course of action or later ratify it, a trustee will not be guilty of self-dealing. Second, a trustee can seek court approval of their actions. Nevertheless, any trustee looking to protect themselves from claims of self-dealing would be wise to avoid any transaction in which they stand to benefit unless the trust instrument specifically authorizes such action or they are transparent about the transaction and the beneficiaries consent to it. If you are or will be a trustee of a trust in the future and have questions about the best way to fulfill your trustee duties, contact us. We would be happy to sit down with you and assist you with your role. You can contact our office at (612) 888-1000 to set up an appointment. 

If you own an LLC or any kind or Corporation, please read this! You have till January 1, 2025 to complete the form or there can be substantial fines. If you do not own a corporate entity, you may disregard this message. We are reaching out to you because as of January 1, 2024, in accordance with the Federal Corporate Transparency Act (“Act”), all corporate entities must file a Beneficial Ownership Information (BOI) form with the Financial Crimes Enforcement Network (FinCEN) providing certain information about the ownership of each entity. Pursuant to the Act, all companies (LLC, S-Corp, C-Corp) must submit a one-time initial BOI form and report all actual owners of the company, including residential address, date of birth, EIN/SSN, a copy of the owner’s driver’s license(s) or passport(s), and other contact information. The purpose of the Act is to investigate and prevent money laundering activities using “shell” companies in the United States. [Any company formed before January 1, 2024, has until January 1, 2025, to complete the initial BOI report. Any company incorporated/organized after January 1, 2024, has 90 days to submit the BOI report, and any company incorporated/organized after January 1, 2025, will have 30 days to submit the BOI report.] If your company has any change to the required information about the company or its owners, you must file an updated report no later than 30 days after the date of the change. More information about this new requirement can be found at https://www.fincen.gov/boi and a very helpful FAQ page can be found here https://lnkd.in/g53NXiTu Entities are able to file their own BOI’s. FinCEN believes they have developed a process that anyone can follow to comply with the new requirement. You should just be aware that there can be both civil and criminal penalties for owners who willfully fail to comply, update, or correct their reports. Please note anyone who violates the BOI reporting requirements may be subject to civil penalties of up to $500 for each day that the violation continues. That person may also be subject to criminal penalties of up to two years imprisonment and a fine of up to $10,000.