Hello! I hope you’re doing great.

I thought I’d take a minute with this week’s newsletter to share something timely and actionable. THIS IS IMPORTANT if you own an LLC.

Last year the federal government passed a new law called the the New Corporate Transparency Act (CTA).

The goal with this new law is to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market.

Their solution to this problem is to have all LLC owners file paperwork with FinCEN (Financial Crimes Enforcement Network) identifying the ownership interest in LLCs.

The way that they are enticing people to get this done quickly is they are enforcing HEAVY penalties on those that fail to act.

1. $500/day up to $10k in civil penalties after the filing deadline; and

2. Potential criminal penalties.

Bottom line is, this is something you should take care of.

The filing deadline for anyone creating an LLC before 2024 is December 31, 2024.

The filing deadline for anyone creating an LLC after January 1, 2024 is 90 days from the date of the LLC registration.

The filing deadline for anyone creating an LLC after January 31, 2024 is 30 days from the date of the LLC registration.

Now, that is the bad news.

The good news is, meeting this filing requirement is relatively easy.

It is possible to do it yourself (here is a link to the IRS website if you’re a do-it-yourselfer – https://boiefiling.fincen.gov/fileboir).

In fact, if you created your LLC on your own, you’ll probably want to give this a shot.

If, however, you’d rather just get it done and not have to worry about it, and make sure it gets done right, we’d be happy to help.

What we’re charging is $250 per LLC.

If you’re interested in us helping you, please email Ruby at ruby@cmslawfirm.com.

If you are a client and you’ve formed an LLC with us in the past you should be getting an individual email from us following up.

As always, if you have any questions let us know. Happy to help!

Sincerely,

Cheers,

Christopher Small
CMS Law Firm LLC

PS – don’t keep this estate planning stuff to yourself – you know it’s important and we LOVE referrals!