October 24, 2024

Team GRC has been telling members that FinCEN’s final rule requiring all LLCs to provide information about their beneficial owners will require filings by December 31, 2024. This is true even if you wound down your LLC after January 1, 2024.

We previously mentioned FinCEN’s Small Business Compliance Guide, which contains step-by-step instructions for small businesses.

We also mentioned that one court had enjoined enforcement of the final rule, but that its injunction covers only the plaintiffs in that challenge. The decision by a federal district court is on appeal but not yet decided. This litigation won’t help NPA members unless they belonged to one of the groups of small-business owners that were plaintiffs in that action. The NPA was not a plaintiff in that action.

Toolkit available: Find step-by-step guidance here.

We will continue to follow developments in the rule challenge and from FinCEN and keep NPA members apprised of any significant developments as soon as possible.

Stay tuned to separate bulletins and This Week in Pawn! You will hear news of developments here first!

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