How Mafia Operates

2024-10-18 · Ho Chanh Nghia

Originally published on LinkedIn: https://www.linkedin.com/pulse/how-mafia-operates-khanh-pham-jbzoc/

How Mafia Operates

Here is a recent notice from my accountant. i was not aware that the US government made a new law to take more money from me. Back in 1990, the Wah Ching gang ran most of the protection racket in the Chinese community. I am not sure what is worse the US government or the Chinese Mafia.

Dear Client,

As you may have heard by now, the federal government has instituted a new requirement for small business owners, which took effect 01/01/2024. The idea behind the requirement is that FinCEN (The Financial Crimes Enforcement Network) has a record of the owners of these entities to make it more difficult for financial crimes such as money laundering or funding terrorism to be committed

For FINCEN to obtain this information, you as a business owner are required to complete an online form, due no later than 12/31/2024.

The good news is that it won’t take you more than a few minutes to complete this requirement.

The bad news is that as much as we would like to, we cannot do it for you as one of the requirements is a recent copy of an unexpired identification or driver’s license, and we do not have that on file for all of our clients.

The failure to complete this requirement by the deadline is severe, with penalties of $500 per day up to $10,000.

Key Points:

• New Rules/Deadlines: Per new law effective on January 1, 2024, all registered corporations, limited liability companies, and similar entities created or registered to do business within the United States must report information about their beneficial owners—the persons who ultimately own or control the company. This information included names, addresses and identity verification. The BOI report is due by 12/31/2024 and is a one-time filing requirement.
• Penalties: Failure to file by the due date will result in a penalty of $500 per day, up to $10,000.
• Where to File: Please complete the report online, for any businesses you own, at the FinCEN Portal.

Next Steps: If you have additional concerns regarding the filing, please reach out to us and we will assist you as best we can.

Thank you for your attention to this important matter.