{"id":225275,"date":"2023-05-17T12:03:37","date_gmt":"2023-05-17T12:03:37","guid":{"rendered":"https:\/\/www.markperlbergcpa.com\/new-fincen-reporting-requirement-for-atlanta-businesses\/"},"modified":"2023-05-17T12:03:37","modified_gmt":"2023-05-17T12:03:37","slug":"new-fincen-reporting-requirement-for-atlanta-businesses","status":"publish","type":"post","link":"https:\/\/prosperlcpa.com\/blog\/2023\/05\/new-fincen-reporting-requirement-for-atlanta-businesses\/","title":{"rendered":"New FinCEN Reporting Requirement for Atlanta Businesses"},"content":{"rendered":"
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We\u2019ve been watching the unfolding banking \u201ccrisis\u201d closely and evaluating what it means for our economy moving forward. <\/p>\n

Yes, seeing (numerous) banks fail can be unnerving, especially when the economy seems to also be careening toward a recession. <\/p>\n

The media, of course, is aware of this feeling of unsettledness and is financially motivated to make the most of it. (They are profit-oriented businesses, after all.) <\/p>\n

So, it\u2019s easy to get caught up in the swirl and start making decisions about your own financial situation (and your business\u2019s) prematurely \u2026 and fearfully. <\/p>\n

I encourage you, in times like these, to steady yourself by staying focused on what you can control. Seek out wise counsel and don\u2019t make business decisions based on emotion. That\u2019s one of the reasons we do what we do here \u2026 you don\u2019t have to huff it alone in your business.<\/p>\n

See, business ownership in 2023 is a lot different than it was for past generations. <\/p>\n

Heck, it\u2019s even different from 4 years ago (pre-2020). <\/p>\n

And while the basics are much the same, the methods for running your Atlanta business and the demands placed on it economically and legally are ever-evolving. It might feel impossible to stay on top of all those changes, especially if you\u2019re a one- or two-person show.<\/p>\n

If it takes a village to raise a child, in our modern world, it\u2019ll take a reliable team around you to raise your business. And the people on your team should be there to help you stay on top of those changes and grow through them. They should be people you trust.<\/p>\n

I\u2019d like to think I\u2019ve garnered some trust managing your business\u2019s financial details, so I\u2019m happy to be one of those team members keeping you informed about all things that affect your business. I\u2019d also like to keep you abreast of new reporting requirements the government hands down to your business. <\/p>\n

That\u2019s why today\u2019s note is all about some new reporting requirements being handed down by FinCEN. <\/p>\n

New FinCEN Reporting Requirement for Businesses<\/strong><\/span>
\u201cInformation is a negotiator\u2019s greatest weapon.\u201d – Victor Kiam<\/i><\/span><\/p>\n

Business ownership is a vast terrain full of many ups and downs and surprises along the way. Our hope at Mark Perlberg CPA PLLC is to be a steady guide and trusted confidant along the way. That\u2019s why we are always on the lookout for the latest changes, opportunities, and regulations that may affect you and your business.<\/span><\/p>\n

And why I wanted to let you know that starting next January, scads of small businesses will have a new reporting requirement from the Financial Crimes Reporting Network (FinCEN). <\/span><\/p>\n

The requirement, aimed at curbing criminal financial activity, means that many small companies and corporations will now have to tell the feds who their beneficial owners are. If your business has overseas ownership or connections, you need to know about these new rules.<\/i> <\/span><\/p>\n

Because this is so critical, we\u2019ll tackle this in two parts to make sure you\u2019re up to date on the latest info by examining companies\u2019 beneficial ownership information (BOI). <\/span><\/p>\n

Here\u2019s a glimpse into what we know so far.  <\/strong><\/span><\/p>\n

About the New FinCEN Reporting Requirement: Being transparent<\/strong><\/span><\/p>\n

Last fall, FinCEN published a final rule implementing the BOI reporting requirements related to the Corporate Transparency Act. <\/span><\/p>\n

The CTA establishes uniform BOI reporting requirements for certain types of corporations, limited liability companies, and other similar entities created in or registered to do business in this country. FinCEN can also collect that information and disclose it to government authorities and financial institutions in America and overseas.<\/span><\/p>\n

The regulations describe who must file a report, what information must be provided, and when a report is due. These reporting requirements are intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other crooked doings \u2014 especially international ones \u2014 \u201cwhile minimizing,\u201d FinCEN adds, \u201cthe burden on reporting companies.\u201d <\/span><\/p>\n

We\u2019ll see. Certain types of entities are exempt (notably, large companies), but if you\u2019re a small corporation or LLC, you will likely be required to report your BOI unless you fall into the exempt category or your ownership doesn\u2019t ring the beneficial ownership bell. <\/strong><\/span><\/p>\n

Reporting Requirement Details: A quick Q&A<\/strong><\/span><\/p>\n

If you think this reporting might apply to your company, I can help you make sure. Let\u2019s take a second to address some of the most frequently asked questions: <\/strong><\/span><\/p>\n