Letter to the editor: New filing requirement with possible BIG penalty

The US Treasury Department requires all LLC & Corporation to report “Beneficial Ownership Information”. Here is the website as a starting point: www.fincen.gov/boi-faqs. The penalty for being late I believe is $591.00. But wait, there’s more: If the Treasury Department believes you choose not to file (intentionally fail to file) the penalty is $10,000 per company. Most companies have until 1 January 2025 to submit an application. If the business is newly formed this year, there appears to be a 90-day rule. I understand that it needs to be archived every time an owner is added or dropped. All of them
details can be found on the website provided. I’m not a professional in this area, but the small businesses I’ve casually talked to about this had no idea it was a requirement.

Joe Ford
Phillips, Maine

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