Important information that Business Owners Should Know.

Information Regarding Business

Corporate Transparency Act

On January 1, 2024, according to information taken from the U.S. Department of the Treasury, all businesses must file what is called FinCen report. FinCen is an acronym for Financial Crimes Enforcement Network an agency of the Department of the Treasury.

The FinCen report must be filed by January 1, 2024, and if not the penalties can be severe, $500 a day a maximum of $10,000.00, and a possible prison sentence of 2 years.

According to the Department of the Treasury website, the purpose of filing these required documents is to prevent money laundering as well as other illegal activities. I suggest that all persons reading this information that owns a business talk with their account or visit the Treasury Department website. January 1, 2024, is only a few days away. Please give us a thumbs-up, alike, and share…..Happy Holidays

Marvin Dixon/Founder

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