FinCEN
Financial Crimes Enforcement Network. The US Treasury bureau that administers BOI reporting and other anti-money-laundering rules.
Definition
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the US Treasury Department. Administers the Bank Secrecy Act, Corporate Transparency Act BOI reporting, and other anti-money-laundering and counter-terrorism financing rules.
Context
Distinct from the IRS. FinCEN handles BOI; the IRS handles tax forms (5472, 1120, etc.). The two agencies share information for enforcement purposes.
Example
A non-resident Delaware LLC files BOI with FinCEN at fincen.gov/boi within 90 days of formation. The IRS receives Form 5472 + pro forma Form 1120 by April 15 of the following year. Two separate filings to two separate agencies.
Common pitfalls
- Confusing FinCEN with IRS for filing purposes.
- FinCEN penalties are separate from IRS penalties.