Kim Lisa TaylorSecurities Attorney, Founder, Syndication Attorneys, PLLC · Corporate Securities Attorney, 2x Best-Selling Author, Nationwide Speaker | Private Placement

New LLC? Don't Miss This Crucial FinCen Deadline!

17 May 2024 · 0 min

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In this brief segment, the speaker explains the new FinCEN reporting requirement that applies to limited liability companies (LLCs) formed starting January 2024. The filing deadline is 90 days from the date the state officially accepts the formation—marked on the certificate of formation or articles of organization. Failure to file the required report results in a daily civil penalty of $500, underscoring the importance of timely compliance for new business owners.

Any LLC that was formed this year starting January 2024, you have 90 days from the date it was formed. So the date that the state accepted it, it stamped it on your certificate of formation or your articles of organization, that date is a 90-day trigger for having to file your report with FinCEN. If you don't do it, you can have a $500 per day fine. So I don't know about you, but I don't have $500 a day sitting around that I want to give to the federal government.