Tuesday tips with Kim- Critical deadlines for real estate holding companies 📚

Tuesday Tips with Kim - If you miss this deadline, there can be steep civil penalties of up to $500.00 per day that the violation continues, or even criminal penalties, including imprisonment for up to two years. If you hold title to your real estate in the name of a limited liability company or corporation, then you must take action to report certain information about the business to FinCEN. Any new companies formed between January 1, 2024 and December 31, 2024 have 90 days to file a report; and any companies that were in existence prior to January 1, 2024 have until the end of this year to file a report. It is a one-time reporting obligation unless there is any change in the information that you submitted; then you have a duty to update your report within 30 days of that change. If you are interested in hiring one of our attorneys to assist you with the report filing and submission process, send a text to (561) 225-2676 to set up a time to speak with Kim.  #floridaclosings #fincen #corporatetransparencyact