FinCen Needs to Communicate Better
I watched the first FinCEN commercial and I was not impressed
Somehow it has taken this long for the Financial Crimes Enforcement Network (FinCEN) to release their first national commercial or at least it is the first time I have seen it on TV.
Remember that the Beneficial Ownership Information (BOI) report is due by December 31, 2024.
In the commercial, they show two people talking at a table and one person is perhaps from the government and one is a small business owner. The government person says how wonderful the BOI reporting is for small businesses since it is designed to stop money laundering, etc.
However, nowhere in the commercial in BIG BOLD PRINT or WORDS does it indicate you really must report your business by December 31, 2024.
If they think they did a great job of communicating to the public the deadline, they failed.
We personally believe that there might be an one-year delay in the reporting requirements, either through action of Congress when they kick the budget can down the road or from FinCEN, but don’t count on it.
In the meantime, get your BOI reports done.