Effective from January 1, 2024, certain businesses are required to report their ownership details to the Financial Crimes Enforcement Network (FinCEN).
If you operate as an ‘LLC’ or an ‘S corporation’ you must follow to this new regulation. Not doing so properly could result in hefty fines up to $500/day.
CSEA/VOICE Local 100A works closely with Civitas Strategies and Gary Romano as a training partner and we highly recommend the following webinar to ensure you don’t get caught unaware and are guided through satisfying this new mandate. This webinar is informational only and not redeemable for credit hours. Find additional details in his email below.
I hope this email finds you well. We understand that navigating the complexities of owning a child care business can be challenging. A new mandate for Beneficial Ownership Information (BOI) reporting requirements is causing some concern among business owners, and we are here to help clarify the actions needed with this requirement.
As you may be aware, the BOI, effective from January 1, 2024, mandates certain businesses to report their ownership details to the Financial Crimes Enforcement Network (FinCEN). This requirement aims to enhance transparency and combat financial crimes. While sole proprietorship businesses are exempt, we’ve noticed a trend where more child care businesses are operating as LLCs or S corporations, making them subject to this new regulation.
Though a simple process taking under 15 minutes, if businesses do not comply there are hefty fines for noncompliance of up to $500 per day.
Within the tax preparer communities, there’s an alarming trend – tax preparation firms are capitalizing on this change, charging small businesses exorbitant fees ranging from $100 to $1,200 for assistance in this relatively straightforward process. This situation is deeply concerning to us, and we feel compelled to offer our support.
To address these challenges, we are excited to announce a free Webinar aimed at informing child care business owners and the coaches and technical assistance providers who serve them at 7:00 pm EST on January 31, 2024. This session will provide clarity on the BOI reporting process, ensuring child care business owners can confidently fulfill these requirements without unnecessary expenses.
The session will include live Spanish translation.
We recognize the pivotal role of coaches in supporting child care businesses. As such, coaches are also invited to join our free webinar on January 31, 2024, to learn more about the impacts of this mandate and the businesses they serve.
We hope you will share this information with your network so we can help others navigate these new regulations with ease and confidence.
Looking forward to your participation.
Warm Regards,
Gary Romano Civitas Strategies https://www.civstrat.com/
