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Accountants working on the New FinCEN Reporting Requirements for 2024

New FinCEN Reporting Requirements for 2024

Starting January 1, 2024, there has been a new requirement from FinCEN (U.S. Department of the Treasury Financial Crimes Enforcement Network), requiring that all registered businesses in the United States complete the Beneficial Ownership Information Report. This filing requirement applies to LLCs, Partnerships, Corporations, and Sole Proprietorships that are registered with the Secretary of State.

All companies, must report to FinCEN any individual that (1) directly or indirectly exercises “substantial control” over the company or (2) who directly or indirectly owns 25% or more of the ownership units. Each individual that qualifies under that definition must report name, address, social security number, date of birth and either a copy of a driver’s license or passport. If the business was created before January 1, 2024 the report is due by December 31, 2024. If the business is created after January 1, 2024, each new business will receive a letter from FinCEN within 90 days of creation and must file within those 90 days. The penalty for not filing this report is $500 per day up to a maximum fine of $10,000 (https://www.fincen.gov/boi). If there is an ownership change, an updated BOI must be filed within 30 days of the change.

If you would like us to help you file this report, please contact the office!

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Pair your MFA device to your RHW Client Portal

NetStaff CS MFA setup instructions
1. Log in to NetStaff CS.
2. Select your name near the upper-right corner of the screen and choose Manage Multi-factor Authentication.
3. Select Add Option to set up MFA.
4. Enter your password and click Enter to launch the setup wizard.
5. On the Multi-Factor Authentication Setup screen, click Get Started.

How to pair a mobile app
1. When prompted to choose an MFA method, select either Use Thomson Reuters Authenticator or Use a third-party multi-factor app and click Next.
2. On the Download and install screen, click Next if you have already installed an MFA app. If not, return to the Choose your MFA device section in this article.
3. On the Scan Code screen, open your mobile app and tap Settings > Add Account (or the plus sign) to open your device's camera to scan the QR code. If you need to enter a code instead, the Setup Wizard will time-out and give the option to do this.
4. After pairing via QR code or entering a code, your computer will say the pairing is successful and you will be able to name your now-paired device. This is helpful if you pair multiple devices to your account.

Pair your MFA device to your account
NetStaff CS MFA setup instructions
1. Log in to NetStaff CS.
2. Select your name near the upper-right corner of the screen and choose Manage Multi-factor Authentication.
3. Select Add Option to set up MFA.
4. Enter your password and click Enter to launch the setup wizard.
5. On the Multi-Factor Authentication Setup screen, click Get Started.
How to pair a mobile app
1. When prompted to choose an MFA method, select either Use Thomson Reuters Authenticator or Use a third-party multi-factor app and click Next.
2. On the Download and install screen, click Next if you have already installed an MFA app. If not, return to the Choose your MFA device section in this article.
3. On the Scan Code screen, open your mobile app and tap Settings > Add Account (or the plus sign) to open your device's camera to scan the QR code. If you need to enter a code instead, the Setup Wizard will time-out and give the option to do this.
4. After pairing via QR code or entering a code, your computer will say the pairing is successful and you will be able to name your now-paired device. This is helpful if you pair multiple devices to your account.

Video for setting up Authenticator for iOS

a. Tap the App Store icon.
b. Tap the Search button and enter "Thomson Reuters Authenticator" in the search bar.
c. Tap the Get button and follow the prompts to install it on your device.
d. Tap Open to launch the Authenticator app.
e. Tap Allow to enable notifications, which allows the Authenticator app to display sign-in requests on your device.
f. Proceed to the Pair your MFA device to your account section in this article and pair your mobile device with your login credentials.
Pairing your MFA to your account

Pair your MFA device to your account
NetStaff CS MFA setup instructions
1. Log in to NetStaff CS.
2. Select your name near the upper-right corner of the screen and choose Manage Multi-factor Authentication.
3. Select Add Option to set up MFA.
4. Enter your password and click Enter to launch the setup wizard.
5. On the Multi-Factor Authentication Setup screen, click Get Started.
How to pair a mobile app
1. When prompted to choose an MFA method, select either Use Thomson Reuters Authenticator or Use a third-party multi-factor app and click Next.
2. On the Download and install screen, click Next if you have already installed an MFA app. If not, return to the Choose your MFA device section in this article.
3. On the Scan Code screen, open your mobile app and tap Settings > Add Account (or the plus sign) to open your device's camera to scan the QR code. If you need to enter a code instead, the Setup Wizard will time-out and give the option to do this.
4. After pairing via QR code or entering a code, your computer will say the pairing is successful and you will be able to name your now-paired device. This is helpful if you pair multiple devices to your account.

Video for setting up Authenticator for Android

a. Tap the Play Store icon in your app list.
b. Tap the search button and enter "Thomson Reuters Authenticator" in the search field.
c. Tap the Install button and follow the prompts to install it on your device.
d. Tap Open to launch the Authenticator app.
e. Proceed to the Pair your MFA device to your account section in this article and pair your mobile device with your login credentials.
Pairing your MFA to your account

Pair your MFA device to your account
NetStaff CS MFA setup instructions
1. Log in to NetStaff CS.
2. Select your name near the upper-right corner of the screen and choose Manage Multi-factor Authentication.
3. Select Add Option to set up MFA.
4. Enter your password and click Enter to launch the setup wizard.
5. On the Multi-Factor Authentication Setup screen, click Get Started.
How to pair a mobile app
1. When prompted to choose an MFA method, select either Use Thomson Reuters Authenticator or Use a third-party multi-factor app and click Next.
2. On the Download and install screen, click Next if you have already installed an MFA app. If not, return to the Choose your MFA device section in this article.
3. On the Scan Code screen, open your mobile app and tap Settings > Add Account (or the plus sign) to open your device's camera to scan the QR code. If you need to enter a code instead, the Setup Wizard will time-out and give the option to do this.
4. After pairing via QR code or entering a code, your computer will say the pairing is successful and you will be able to name your now-paired device. This is helpful if you pair multiple devices to your account.