Jmac00
.475 A&M Magnum
This should be fun, I wonder if Farmers have to report?
www.forbes.com
Do you own 25% or more of a limited liability company, partnership, or other small entity that owns real estate or runs a small business (any of these, a “company”)? Are you the president, CEO, general counsel, or COO of a company? Even if you don’t have that title, do you perform a similar role? Do you have “substantial control” over any company?
If you answer yes to any of those questions, then starting in 2024 you will need to register, or be registered, in a new federal database designed to identify and ferret out criminals, money launderers, and other bad actors who use companies to conceal their identities and evil deeds. That registration requirement will apply for every company for which you answered “yes” to any question in the previous paragraph, and maybe more.
Each registration will need to include your name, date of birth, residential street address (a business address won’t do), a driver’s license or other ID number, and a photograph of the document substantiating that number. This information will mostly be collected online.
If anyone registered in the database moves to a new residence, the new address must be reported within 30 days. Someone will need to keep track of where a company’s executives and owners live, as well as any time they relocate.
The new reporting requirements don’t apply to larger companies or a long list of regulated companies such as banks and insurance companies. The requirements target only smaller companies, as that seems to be where the bad guys go.
Any company that already exists as of January 1, 2024 will need to register by the end of that year. Companies newly created on or after January 1, 2024 will need to register within 30 days after creation. Special registration requirements apply for anyone who files the paperwork necessary to create companies. It remains to be seen whether those requirements will lead law firms to stop handling that work. ...
...The legislation that required FinCEN to create this new database also requires all the collected information to be kept confidential, and to be used only for law enforcement, including tax enforcement. One can only hope that no federal employee who will administer this database and enforce its requirements will ever share any information, not even for pay or for political advantage against opponents, especially those deemed a “danger to democracy.”
As the world becomes aware of this new database,...
Massive New Federal Reporting Requirements Will Start In 2024
These new FinCEN regulations will likely prove cumbersome for small business owners.
www.forbes.com
Do you own 25% or more of a limited liability company, partnership, or other small entity that owns real estate or runs a small business (any of these, a “company”)? Are you the president, CEO, general counsel, or COO of a company? Even if you don’t have that title, do you perform a similar role? Do you have “substantial control” over any company?
If you answer yes to any of those questions, then starting in 2024 you will need to register, or be registered, in a new federal database designed to identify and ferret out criminals, money launderers, and other bad actors who use companies to conceal their identities and evil deeds. That registration requirement will apply for every company for which you answered “yes” to any question in the previous paragraph, and maybe more.
Each registration will need to include your name, date of birth, residential street address (a business address won’t do), a driver’s license or other ID number, and a photograph of the document substantiating that number. This information will mostly be collected online.
If anyone registered in the database moves to a new residence, the new address must be reported within 30 days. Someone will need to keep track of where a company’s executives and owners live, as well as any time they relocate.
The new reporting requirements don’t apply to larger companies or a long list of regulated companies such as banks and insurance companies. The requirements target only smaller companies, as that seems to be where the bad guys go.
Any company that already exists as of January 1, 2024 will need to register by the end of that year. Companies newly created on or after January 1, 2024 will need to register within 30 days after creation. Special registration requirements apply for anyone who files the paperwork necessary to create companies. It remains to be seen whether those requirements will lead law firms to stop handling that work. ...
...The legislation that required FinCEN to create this new database also requires all the collected information to be kept confidential, and to be used only for law enforcement, including tax enforcement. One can only hope that no federal employee who will administer this database and enforce its requirements will ever share any information, not even for pay or for political advantage against opponents, especially those deemed a “danger to democracy.”
As the world becomes aware of this new database,...
