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“Diligence is the mother of good luck." - Benjamin Franklin

Let's break it down - FinCEN files aren't just steep, they're serious.

If you miss filing deadlines, you could face daily civil penalties starting at $591. And if that’s not enough to get your attention, criminal fines can go as high as $10,000.

Right now, businesses are expected to file their initial Beneficial Ownership Information (BOI) report by January 1st, 2025.

But here’s the twist: On December 3, 2024, a Federal judge ruled these FinCEN requirements unconstitutional—meaning, for the moment, reporting isn’t mandatory. That said, this ruling might not last. Some small business owners are playing it safe and filing early just in case.

Want to stay ahead of the game? Keep reading—I've got the full scoop on what this means for you and how to stay compliant if things change again.

101: Avoid Fines, Meet Deadlines, Stay Fundable

Hey there, business owners! I get it—navigating all these government rules and regulations can feel overwhelming, especially when you're focused on keeping your business alive and thriving. But here's something you can’t afford to ignore: FinCEN.

The Financial Crimes Enforcement Network (FinCEN) is stepping in with new regulations under the Corporate Transparency Act. Sounds serious, right? It is. This act was created to crack down on financial crime by stopping shady people from hiding behind shell companies. That’s great for fighting crime, but for everyday small businesses—especially ones labeled “unbankable”—this means more paperwork and more deadlines.

The key? Beneficial Ownership Information (BOI) reporting. If you or anyone involved in your business has significant control or ownership, you’ll need to report it. Missing that step? That’s when FinCEN fines come into play.

What Are the Fines?

FinCEN isn’t messing around:

• Civil fines can hit you with up to $500 per day until you’re in compliance—and yes, that number goes up with inflation.

• Criminal penalties can include up to 2 years in prison and a $10,000 fine.

And no, you don’t have to be a money launderer to get caught up in this mess. Just willfully ignoring the filing requirement or failing to update info can trigger those fines.

What Should You Do?

If your business is on the radar, it’s smart to stay ahead of this. The rules may feel like a hassle, but the cost of ignoring them is way worse. Even if you’ve been locked out of traditional financing before, it’s important to play by the rules when it comes to FinCEN.

Need help figuring this out? Get with your tax preparer or strategist and have them help you with this. If you need a referral to an excellent source, I got you! We’re all about helping "unbankable" businesses become unstoppable—whether that’s with funding strategies or guiding you through regulatory landmines like these.

👉 Poll: Should small businesses be exempt from FinCEN’s BOI reporting requirements? Vote now!
👉 Free Giveaway: Check out my Beacons link for a free guide on how to stay compliant without losing your mind.

This is about more than avoiding fines—it’s about staying in the game and building a business that lasts. Stay informed, stay empowered, and stay ready to grow!

At DFX, we ensure you don’t walk into financing decisions blind. MCAs can be a powerful tool, but they aren’t a one-size-fits-all solution.

Are You Required to Report Under the Corporate Transparency Act? Let's Break it Down

I know how complicated staying compliant can get—especially for small businesses that have been overlooked by traditional banks. With the new Corporate Transparency Act (CTA) in play, it’s easy to feel confused about whether you need to report. Let’s cut through the noise and keep it simple.

You must report if:

1. You’re an LLC, Corporation (including S-Corp), or any other entity formed by filing with the state.

2. You’re NOT exempt. There are 23 exempt categories, like certain financial services businesses.

If you’re not sure whether your business is exempt, FinCEN’s BOI Small Compliance Guide includes a checklist that can help you figure out your next steps. But don’t overthink it—if you’re running a small business without a banking history, odds are you need to file.

When Do You Need to File?

Deadlines depend on when your business was formed:

• Before Jan 1, 2024? You’ve got until Jan 1, 2025 to file.

• Formed in 2024? You’ve got 90 days from the date your business is officially created to submit your report.

• Starting on or after Jan 1, 2025? You’ll have just 30 days to file after your business is formed.

Why This Matters

For businesses that are already juggling limited resources and fighting to access capital, these new regulations are just another layer of complexity. But here’s the deal: staying compliant isn’t just about avoiding fines—it’s about showing lenders, investors, and partners that your business is legit and ready to grow.

Need help navigating the process? Don’t stress—I’m here to help!

👉 Want more info? I’ve got a guide for you. Hit my Beacons link for free resources on building a business step-by-step and staying compliant.

Remember, whether you’re building, scaling, or just getting started, compliance is one domino you don’t want to ignore. Knock this out now, and you’ll be ready for bigger opportunities down the road.

Key Deadlines and Must-Know Rules for BSA Reporting

Do You Need to File Under the Corporate Transparency Act?

Here’s the short version: if you’re running a business entity formed by filing paperwork with your state (like a corporation, LLC, or S-corp), you’ll probably need to report.
However, there are 23 types of exempt entities, like financial services businesses, so not everyone has to jump through these hoops.

Need help figuring out if you fall into the reporting category? The BOI Small Compliance Guide lays it all out, including a checklist to help you confirm whether you need to file. They also explain things like inactive businesses, foreign companies, and how enforcement actions could apply.

Deadlines You Can’t Ignore

Here’s where it gets real:

• If your business was formed before January 1, 2024, you have until January 1, 2025, to file.

• If your business was formed in 2024, you have 90 days after creation to file.

• Starting January 1, 2025, any new businesses will have 30 days after creation to file.

How to Stay Compliant Without Stress

FinCEN has a dedicated BOI filing system, but navigating all of this can feel overwhelming. One way to simplify things is by applying for a FinCEN Identifier, which can streamline your reporting process. Their site also offers guides, alerts, and updates to keep you in the loop.

At the end of the day, compliance isn’t just about following rules—it’s about keeping your business legit and future-ready. Don’t let these requirements trip you up. Stay on top of your filing, protect your hustle, and keep building.

If you’re considering a Merchant Cash Advance or want to explore smarter financing options, we’re here to help. At DFX, we specialize in helping underrepresented businesses—including women and veteran-owned companies—secure the capital they need to thrive.

Unlock Financing Potential with DFX

As a small business owner, navigating your financial obligations can feel overwhelming—especially if you're struggling with access to capital. But with DFX by your side, we make it easier to take control of your financial future.

Our DFX system provides step-by-step guidance to help you improve your financial standing and access better funding options.

Here’s what you’ll get:

✅ One-on-one customer support to guide you through the process
✅ A comprehensive list of vendors and lenders that actually build your credit
✅ Pre-approval for the right lending options to help you reach your goals faster
✅ And so much more!

Sign up with DFX today to take the first step toward your funding blueprint, establishing a solid financial foundation, and securing the funding your business deserves.

Stay in the Loop, Dominoes

🚀 Learn More: Visit our blog for insights on business financing.
🎥 Get Inspired: Watch my YouTube channel for actionable advice.
📚 Take Action: Start your application today through our exclusive lender network.

Because building a business isn’t just about making it through today—it’s about positioning yourself for the long-term success you deserve.

Let’s make 2025 the year of smart, intentional growth!

Resources to Help You Execute:

For Women & Veterans 🪖

For my fellow veteran entrepreneurs, you have unique resources at your disposal to fund, grow, and scale your businesses. Here are a few to look into:

• DFX: a financial literacy and referral platform helping diverse entrepreneurs establish a credible foundation. Then matches those Founders to Funders, even if denied by traditional banks. Get started https://dominofxgroup.com/get-started

Services

• Experience. Over 100 years professional lending experience

• Resources. Access to hundreds of private (non-bank lenders)

• Response. Experience underwriting team. Streamline system with In-depth analysts and advisors.

• Target Focus. No two loans are the same, and no two lenders have the same lending policy. We know where to go and what they want to see in the loan package.

Schedule Your 📲 Funding Planning Session: https://plan.dominofxgroup.com

Here is a quick checklist to get you started. Remember imperfect action beats inaction, get started, stay consistent and let's Build! 🚀

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