New Reporting Requirement Concerning Beneficial Ownership Commencing in 2024

Dear Owners:

In 2021, Congress passed the Corporate Transparency Act on a bipartisan basis. This law creates a new beneficial ownership information reporting requirement as part of the U.S. government’s efforts to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other opaque ownership structures. A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025, to file its initial beneficial ownership information report with Financial Crimes Enforcement Network (FinCEN) U.S. Department of the Treasury. FinCEN will start to accept filings after January 1, 2024.

"The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisionment for up to two years and/or a fine of up to $10,000."

If you have further questions please consult whoever provides tax or audit support for your company.

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Thank you,
Frank Kasnick, President & C.E.O.
Independent Welding Distributors Cooperative
Phone: (317) 562-1483
Email: frank@iwdc.coop