b'Attention Businesses: FinCEN Wants Your InformationAlertsThe U.S. Department of the Treasurys Financial Crimes Enforcement Network (FinCEN) will require many businesses1 Unappealing Property Tax Statement? Lets Appeal. File by April 30, 2024to report ownership and control information in 2024. Historically, federal law enforcement has lacked a comprehensive centralizedBy now, you have likely received your property tax statement for database of ownership and control for companies conductingthis year and next year. Coming out of the COVID-19 pandemic, business in the U.S. The Corporate Transparency Act (CTA)and the ambiguities that it caused, we have seen many will take significant steps to build such a database through theMinnesota counties implementing large property value increases implementation of the Business Information Reporting Rule (theon properties throughout the state.The unappealing part of a BOI Reporting Rule).higher property valuation means your tax burden has also likely increased. As a result, an appeal of the increased valuation may Reporting obligations with FinCEN will be mandatory and ongoingentities); and (3) the large company (as defined in the CTA). Highlybe in order.for Reporting Companies, a term more fully descried below.regulated entities include banks, insurance companies, investment While companies existing prior to January 1, 2024, will have thecompanies, and publicly traded companies. The large companyIn Minnesota, anyone with an interest in real property is entitled entire year to comply, Reporting Companies formed after thatexemption generally will only apply if a company has $5 millionto file a property tax appeal, often referred to as a petition, to date will have short compliance deadlines to electronically fileor more in sales reflected on its prior year tax return, not less thancontest the countys tax assessed valuation for taxing purposes. with FinCEN.20 full-time employees working in the U.S., and a domestic officeIf there is adequate support that the value of your property has been overstated, you may be able to reduce the resulting location. Wholly owned subsidiaries of certain exempt companiestax obligation. To appeal the property taxes you owe this year, an appeal must be filed on or before April 30th of the What is a Reporting Company? are also exempt. year in which the taxes are owed. For example, property taxes payable in 2024, which were set on January 2, 2023, must The basic definition of Reporting Company is broad andbe appealed on or before April 30, 2024.includes both domestic and certain foreign companies.What are the Deadlines for Compliance?A Domestic Reporting Company is any entity created by theReporting Companies formed prior to January 1, 2024, mustIf you believe that your propertys assessed value is higher than it should be, or is unequally valued in relation to nearby filing of a document with a secretary of state or similar officecomply before January 1, 2025. Those formed on or afterproperties, please do not hesitate to contact your Moss & Barnett attorney and, specifically, Moss & Barnett attorneys under the laws of a State or Indian Tribe. These are typicallyJanuary 1, 2024, but before January 1, 2025, will be required toMike Etmund or Justin Boschwitz.corporations and limited liability companies. A Foreign Reportingmake their first filing within 90 days of formation. On and after Company is any entity created outside of the U.S. that hasJanuary 1, 2025, the first filing deadline reverts to 30 days. Once registered to do business with a secretary of state or similar office. reporting starts, each subsequent reportable event (e.g., election"The Times and Crimes" Continued from Page 3Whose Information is Targeted in theof new directors) must be reported to FinCEN within 30 days.Below are general guidelines for conducting an investigation under the FCRA in connection with an identity theft claim: Reporting? What are the Penalties for Non-compliance?Each Reporting Company will be required to electronicallyFinCEN can impose a penalty of $500 per day, up to $10,000, for1) Determine the scope of the investigation based on the information provided by the CRA, but generally, more than a few minutes report information to FinCEN regarding two types of individuals:non-compliance. The CTA also provides for criminal penalties forshould be spent on each investigation. (1) those holding an ownership stake of at least 25% percent;knowingly and willfully filing false information. 2) Ensure the investigator reviews all the information and documents provided by the CRA. and (2) those who can exert control over the Reporting Company.Conclusion 3) Depending on the complexity of the facts, consider contacting the creditor and claimant regarding the dispute, but be cautious Individuals who exert control will include directors, governors,not to offload the investigative obligations to the claimant.senior officers and managers, and less obvious control persons,This article is intended to provide a general overview of the new such as those who have the power to elect directors.rules. If you have questions about how to prepare your company4) Employ agents who have received comprehensive training, including more than just on-the-job training.for the CTA, please contact your Moss & Barnett attorney.Conclusion Who is Exempt from Reporting? Otherwise, we will be reaching out to our active clients in 2024 to The exemptions generally fall into three categories: (1) the highlyhelp them navigate the requirements of the BOI Reporting Rule.If your company furnishes information to credit reporting agencies, please contact one of theattorneys in our Financial Services group. regulated; (2) the tax exempt (non-profits and their supportingThey can assist with reviewing and analyzing your policies and practices related to conducting investigations under the FCRA. 4 5#'