FinCEN Filing Requirement For Virginia LLCs: Corporate Transparency Act and Financial Crimes Enforcement Network (FinCEN)

Introduction

            FinCEN is a new reporting and filing requirement for all Virginia LLCs. On January 1, 2024, the Corporate Transparency Act went into effect which requires many small businesses to file transparency reports regarding beneficial ownership information. Failure to file these reports can result in hefty fines. Our law firm, Smith Strong, PLC, assists Virginia LLCs and their owners with complying with this new reporting requirement. To begin, please call (804) 325-1245 or message us on this site.

Requirements

            Businesses that meet certain criteria must file a Beneficial Ownership Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). The report details certain information related to the business, such as the names, addresses, birthdays, and identification numbers of the owner(s) and beneficial owner(s) of the business.

            For businesses established before January 1, 2024, the filing deadline is January 1, 2025. For businesses established between January 1, 2024 and January 1, 2025, the reporting deadline is ninety (90) days from the notice of formation or public announcement of formation, whichever comes first. Businesses established on or after January 1, 2025 will have thirty (30) days from the notice of formation or public announcement of formation to file the required report. No fees are associated with the actual filing of the report, which may be done online. If you have not filed this report with FinCEN, please know we can help you.

We Can Help

            If you would like assistance with the filing of the Beneficial Ownership Report required by FinCEN, we are well-equipped to help, with a quick 10-minute call or less. From there, we will handle the submission of the report online. Please call (804) 325-1245, or message our managing partner, Van Smith on our site for fast response, noting “FinCEN business filing” when calling or messaging.

            If you would like to discuss your options, please call one of our offices at (804) 325-1245 (Richmond) or (757) 941-4298 (Williamsburg) to discuss how our attorneys can be off assistance. Our team of knowledgeable business planning attorneys are ready to provide you with the guidance and support you need throughout the process.

Special thanks to Owen Togna for editorial assistance in drafting this article.