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Checkbook Control Retirement Accounts and FINCEN Registry Requirements

Updated: Apr 2

First off, don't worry. It doesn't affect anyone with an Aspira Plans account utilizing a trust. If you have transferred into your Aspira account an LLC, you may have a requirement to file. Let's go over why.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began requiring beneficial ownership information reports to be filed by millions of domestic and foreign companies. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.

In a December 2023 report published by FINCEN, it lists the entities that are exempt.

In this report, entities that are not corporations, are not LLCs, and were not created by the filing of a document with a secretary of state or any similar office under the law of a State or Indian tribe are exempt.

In 2021, some of the principal authors of the CTA in the Senate and U.S. House of Representatives wrote to the Department, explaining that “[e]ffective and timely implementation of the new BOI reporting requirement will be a dramatic step forward, strengthening U.S. national security by making it more difficult for malign actors to exploit opaque legal structures to facilitate and profit from their bad acts . . . [To do this] means writing the rule broadly to include in the reporting as many corporate entities as possible while narrowly limiting the exemptions to the smallest possible set permitted by the law.” 

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