Since January of this year, all businesses need to comply with a new law, and failure to do so can result in fines up to $500 a day. This new law, the Corporate Transparency Act, requires businesses like yours to submit a report (called a Beneficial Ownership Information Report, or BOI Report) to the Financial Crimes Enforcement Network (FinCEN). For businesses registered before 2024, this must be done by the end of year, or else you will start accruing daily fines. If you registered your business this year, you only have 90 days from your business registration to submit this report. Even if you have never had to submit any form of report for your business, you are still required do so now. There are no exemptions for small businesses, new businesses, or businesses with little to no revenue. Even if you consider your business inactive, you are still required to comply.

To assist you in meeting this requirement, QEDC has developed a comprehensive webinar designed to guide you through the registration process step by step. This resource is invaluable for both new and existing businesses, and it is time-sensitive. We encourage all business owners to take advantage of this opportunity to ensure compliance and avoid any potential penalties.