FINCEN Beneficial Ownership Form: What You Need to Know! LLC S-Corp C-Corp
🌟 Hey there! Cheryl here, your expert tax strategist, accountant, and business consultant! 🌟
💜FINCEN Beneficial Ownership Form: What You Need to Know! LLC S-Corp C-Corp
In this video, I explain the requirements for filling out the Beneficial Ownership form for businesses in the US, specifically focusing on LLCs and other entities that started in 2024 or earlier. Key points covered include the deadline for filing the form—if you launched an LLC or business (excluding sole proprietorships) in 2024, you had 60 days to complete it, so if you haven't done it yet, now’s the time! Missing the deadline incurs a $500 penalty per day. If your LLC or entity started before January 1st, 2024, you have until the end of this year to file. There’s no need to file if you dissolved your LLC before January 1st, 2024, but if you stopped operating without formal dissolution, you still need to file. You can access the form by searching "FinCEN beneficial ownership form" on Google or visiting fincen.gov/slbo. Make sure you're compliant to avoid penalties!
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