Local small businesses have been reminded of a deadline that requires their attention and which carries a costly penalty if ignored. Mark Holmes with the USU Small Business Center presented at the Vernal Chamber luncheon last week and shared details about the ‘Beneficial Ownership Information Reporting Rule’. This is something that Congress passed which gave the Financial Crimes Enforcement Network the job of enforcing companies to report who their beneficial owners are. Holmes explained this is required to try to stop international criminals and organized crime from laundering money in the United States. So for all local small businesses such as LLCs and small corporations, if your business was created after January 1st of this year then you are required to report within 90 days following your start date. For businesses created before January 1st the deadline is December 31st of this year. The penalty for not filing by the due date is up to $500 dollars per day. A link to more details is provided with this news story on BasinNow.com.
Link: https://www.fincen.gov/boi/small-entity-compliance-guide
