It was recently brought to my attention by my CPA that it was necessary that I file a report with the federal government because I have a single member limited liability company.
The reporting requirement was enacted recently by Congress, and there are significant penalties for not making the report. According to the Act the penalties are as follows:
Civil penalties of up to $500 per day for each day the violation continues.
Criminal penalties of up to $10,000 and/or up to 2 years imprisonment for willful violations.
Fortunately, FinCEN may waive penalties for certain first-time violations if corrected within 90 days of discovery.
So, if you have a single member limited liability company, you should do one of the following:
1. Go to the website, www.boiefiling.fincen.gov and file yourself;
2. Or contact your CPA or Attorney to make the filing for you.
The deadline for filing is January 1, 2025.
Good luck,
J. Lane Greenlee
Attorney
Winona, Miss.
