FinCEN’s New Real Estate Rule Targets All-Cash Deals: What Investors, Closers, and Title Companies Must Know
Buying or selling property through an LLC, trust, or other entity?
If you’re closing with cash, you’re now on the radar of the Financial Crimes Enforcement Network (FinCEN) — the U.S. Treasury agency that enforces anti-money-laundering (AML) laws.
UPDATE: Corporate Transparency Act
March 2, 2025On Sunday, March 2, 2025, the Secretary of the Treasury issued an announcement which dramatically changed the Corporate Transparency Act (CTA) and how it will be enforced. To understand how this came about, I went back and read the opening sections of the CTA and noticed that repeatedly, the CTA put all the responsibility […]
Lee Phillips Reminds us of the FinCEN Deadline
FinCEN – which requires the registration of all corporations, LLCs, limited partnerships, and other entities, along with information on all of their Beneficial Owners – is due by the end of the year. FinCEN has issued some delays for companies in areas that have been affected by hurricanes. See below for details. It is all a pain, […]
Lee Phillips on FinCen and Dormant Companies
As a business owner or someone managing multiple entities, it’s crucial to stay informed about the latest regulatory requirements. One such requirement that’s on the radar is FinCEN’s (Financial Crimes Enforcement Network) mandate for company registrations. If you’re like me and have a dormant or inactive company, you might be wondering whether you need to […]
Lee Phillips with a FinCen Update – Beneficial Ownership Interest
FinCEN marches on, and the American small business is being sucked into the trap. Beneficial Ownership Interest Registration is going to be a nightmare. Any time any tiny piece of information concerning any one owner changes, the company and its owners have 30 days to update the information. There isn’t any way to “unregister” an […]
Lee Phillips Discusses FinCen and Our Estate Planning Trusts
Unfortunately, FinCEN is becoming even a bigger thorn in our side. You still have until the end of the year to register your entities with FinCEN that existed prior to 2024. New entities: you have 90 days from filing with the state to register. That’s not a suggestion ─ it is a commandment backed up […]
FinCen . . . what is it and does it affect me?
If you’re running a business, whether it’s a little LLC for your real estate investments or a full-blown corporation, privacy is now officially dead. The Corporate Transparency Act (CTA) is here, and with it, a whole new world of transparency that you’re going to have to navigate. This law, which snuck into effect in 2021, […]