I keep getting emails from a company saying I need to register my business with FinCEN and it costs $200.00. Do I need to do this?

Oct 22

FinCEN is actually the Financial Crimes Enforcement Network within the federal government. The registration is the Beneficial Ownership Information Report (BOIR) which is a new requirement under the Corporate Transparency Act for all U.S. businesses. According to the boiefiling.fincen.gov website, the requirement was “designed to increase transparency in business ownership and combat financial crimes”. As of 2024, all existing business have until 12/31/2024 to register and all new businesses must register within 90 days. Often, after registering a new business, you will begin receiving text messages and emails from service providers that will help you complete the registration for a fee.

While the registration and filing is required, you do not need to go through these service providers because registering directly with FinCEN is free - link here.

This Q&A does not constitute legal, accounting, or tax advice and

does not address state or local law.

April Salsbury

April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets. Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.

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