Brokerages:  Did you know many businesses will have a new federal reporting requirement in 2024? Most registered business entities — LLCs and Corporations, not Sole Proprietors — must file a beneficial ownership information report (BOI) by the end of the year with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of Treasury.  The BOI report is designed to provide transparency about who owns and benefits from an LLC or Corporation and to make it harder for individuals to hide behind a corporate identity for illegal purposes. Filing is simple and free, but add it to your broker to-do list so you don’t miss the year end deadline (you can file anytime). Failure to file beneficial ownership reporting requirements may be subject to civil penalties of up to $591 for each day that the violation continues, as well as criminal penalties of up to two years imprisonment and a fine of up to $10,000. Yikes!  Click above for information, filing or a how-to video.