On December 27, 2024, Federal Court overturned December 3rd decision. Litigation is ongoing.

Voluntary submission is accepted, however there is no enforcement at this time.

Corporate Transparency Act

(original information only - not enforced as of dec. 27, 2024)

In 2021 Congress passed the Corporate Transparency Act aimed at reducing money laundering. It is a small business reporting requirement that carries hefty penalties for failure to file. Penalties including felony two-year prison sentence, plus a potential $500 daily penalty fine. If your business is an LLC or Corporation, including a single member LLC, you must fill out this form by the end of 2024. If you start a new business in 2024, you must report within 30 days of formation. Even if you have set up an LLC just to own a rental property, this form is required. If you have multiple entities, a separate form is required for each entity.

We are particularly concerned for those who have set up their own LLC online, for whom the fine is also $500 per day along with potential prison time. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) requires businesses to electronically file with a completely new form, independent of the IRS.

We strongly emphasize that you do NOT use unknown 3rd party solicitors. FinCEN warns of fraudulent solicitations. Avoid notices titled “Important Compliance Notice”. FinCEN will never send unsolicited requests. Never give personal information to anyone other than a trusted advisor.

For a $250.00 fee, Newkirk & Nordquist, PA are offering services to handle these filings which will require specific written authorization and a separate engagement agreement. To complete this service, the following information is needed:

For the Company or Entity:

1. Full legal name,
2. Any trade and DBA (doing business as) names,
3. A complete current street address of the principal place of business (no P.O. Box or 3rd party agent),
4. The state, tribal or foreign jurisdiction or formation,
5. The IRS taxpayer identification number.

For the Owners and Applicants - for each owner of at least 25% of the entity, the reporting must include each owner:

1. Legal name and date of birth,
2. Current address,
3. Copy of one of the following;

• Non-expired Passport

• Non-expired State issued ID

• Non-expired Driver’s License

To engage our firm to provide the filing service for your entity(s) for a $250.00 fee, you are invited to sign an engagement letter and provide the necessary information at the button links above. For our current clients, we have all information necessary except for a copy of each owners’ valid driver’s license or passport. You may submit a photo or scan of your preferred legal identification in any of the following four options:

1. Secure upload using our ShareFile system, click on the button link above,
2. Fax to 501-767-6635,
3. Mail a photocopy to our office at 1540B Airport Road, Hot Springs AR 71913,
4. Bring a photocopy copy to our office.

To initiate our services for your timely Corporate FinCEN filing; 

Preferred Method:  Sign an engagement letter our services using RightSignature by clicking on the button link above, or

Alternate Method:  Download PDF Engagement Letter (button below), fill out, sign and return by email, fax or drop at our office.

We look forward to providing excellent service to all current and future clientele.

Best Regards,

N&N