MPS Realty

Happy Birthday Mom!

Small Business Owners beware!

Effective January 1st, 2024, you may be required to file your business and the owner with the FinCEN (Financial Criminal and Enforcement Network).

Why, small businesses are being targeted for money laundering actives and unreported income as well as unpaid taxes.

Any S-Corp, C-Corp, LLC's etc. (any company registered with the Secretary of State). must comply and register with FinCEN to avoid a $500 per day penalty until they are in compliance. There are exemptions to this for Non-profits and a few others. You must review the law to determine if your business qualifies.

Remember, this is for small businesses only, large companies do not have to register.

This is news to everyone! So, if you are already in business prior to 01/01/2024, you will have 12 months to comply. All new businesses after that date will have 30-90 days depending on their situation.

Also, audits have started as well. Make sure you have all your receipts ready to go and you have your milage logs in order. Milage logs must include, date, where you went, who you were with, what you discussed. If you do not have this, your milage will be thrown out and could cause you to pay more taxes.

Just a quick update that I wanted to give the heads up on.

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