NLBMDA new legislation Webinar Alert
On Jan. 1, new federal regulations went into effect that requires LBM dealers with less than 20 full-time employees to report personal information about their owners and key employees to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.
To help LBM dealers understand and comply with these requirements, NLBMDA is hosting a members-only webinar with Tim Terry, general counsel for Hartz Capital and an expert on FinCEN regulations enacted by the Corporate Transparency Act. LBM dealers who don’t comply can be fined $500 daily up to a $10,000 maximum. Further, providing false information or failing to make or update a report could be criminally penalized by up to two years of imprisonment.
The webinar will be held on Tuesday, Feb. 27 at 12:30 PM ET.
During the registration process, participants can submit questions in advance. Click here to register for the webinar.
Join NLBMDA’s Director of Government Affairs, Jacob Carter for a presentation and Q&A session with Tim Terry on what LBM dealers need to know to comply with FinCEN’s Beneficial Ownership Information (BOI) Reporting Rule.
Businesses established before 2024 need to report information electronically using FinCEN’s BOI E-Filing System by January 1, 2025, while companies established after January 1, 2024, will have 90 days to comply. Visit FinCEN’s BOI website for more information, including additional guidance materials and a Frequently Asked Questions (FAQ) page that can be found here.
