New Federal Reporting Requirements for LLCs

Trucking LLC owners are urged to comply with a new U.S. Treasury Department law mandating beneficial ownership information reports. Under the Corporate Transparency Act, LLCs must now disclose details about beneficial owners and company applicants.  This new requirement is designed to help combat financial crimes in the United States.  The penalties for not adhering to this new federal requirement are steep.  Failure to file or provide accurate information could result in severe penalties impacting you financially and potentially criminally. Deadlines vary based on LLC formation dates, so be sure to verify your information before filing.  The good news is that there are resources available for assistance on FinCEN's website: https://fincen.gov/boi

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(Financial Crimes Enforcement Network)

What does this mean for you?  If you are an independent truck lessee or owner operating under an LLC, this could impact you.  Deadlines vary based on LLC formation dates, with resources available for assistance on FinCEN's website. Read more

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