Attn: Business Owners

CORPORATE TRANSPARENCY ACT (“CTA”) REPORTING REQUIREMENTS

The Corporate Transparency Act (“CTA”) was adopted by Congress in December of 2020 to prevent illegal activities such as money laundering, tax fraud, and terrorism financing. The CTA went into effect on January 1, 2024, requiring all corporations and limited liability companies to report their beneficial owners to the federal government. New reporting requirements require businesses to file a Beneficial Ownership Information (“BOI”) report. All reports need to be filed with the Financial Crimes Enforcement Network (FinCEN), an agency of the U.S. Department of Treasury. Failure to timely file these reports can result in substantial penalties.

 WHO NEEDS TO FILE A BOI REPORT?

Business entities required to file a BOI report include domestic and foreign corporations, Limited Liability companies and other entities created by the filing of a document with a Secretary of State or similar governing body. There are 23 types of entities that are exempt from the reporting requirements. These entities include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies. For a list of exempt entities, visit: https://fincen.gov/boi-faqs 

HOW TO FILE?

A business required to file a BOI report will do so electronically through a secure filing system available on FinCEN’s BOI E-Filing website https://boiefiling.fincen.gov. Before beginning the online process, certain information will be needed about the business formation, beneficial owners, and identification of beneficial owners. There is no fee for submitting a BOI report to FinCEN. Beneficial Owners of multiple entities can simplify the BOI reporting process by obtaining a FinCEN Identifier (a 12-digit identifying number issued by FinCEN). For more information on creating a FinCEN ID, visit: https://fincenid.fincen.gov/ 

IMPORTANT REPORTING DEADLINES

• A business formed prior to 2024 must file a BOI report prior to December 31, 2024.

• A business formed in 2024 must file a BOI report within 90 days after receiving actual or public notice that its creation or registration is effective.

• A business formed on or after January 1, 2025 must file a BOI report within 30 days after receiving actual or public notice that its creation or registration is effective.

Additionally, a change to previously reported information about the reporting company itself or its Beneficial Owners require filing an updated report within 30 days after a change occurs.

MORE INFORMATION:

BOI reports can be filed using the guidance issued by FinCEN. For more information on exempt entities, filing requirements, and FAQ’s, please visit the FinCEN website at https://www.fincen.gov/boi.

If you require additional information, please feel free to contact an attorney at Wibbenmeyer Iannelli Law.

Attn: Real Estate Owners

Alert! Real Estate Solicitation

Deed solicitations have resurfaced in recent weeks in St. Charles County and St. Louis County, Missouri. Real estate owners are again receiving “RECORDED DEED NOTICE” mailings from several companies. Recent mailings are from “Records Recovery Services” in Missouri and “Property Site” in California. Several of our clients have received these advertisements after transferring real estate to their Revocable Living Trust or a business entity.

The mailings look official and may easily be mistaken as a county bill. The notice includes data obtained through public record including transaction dates, land value identification, property identification and the legal property address. The solicitation is seeking the homeowner pay a certain fee (i.e. $91.00 or $98.00) to obtain a “Property Assessment Profile” or a “Property Report”.

Such a profile or report is unnecessary and real property data is available from the County. Moreover, all our clients receive directly from our office the original real estate deed we prepared after recording. Copies of deeds and certified deeds can also be obtained directly from the County Recorder for a few dollars.

The advertisement letter requesting payment has disclaimers, sometimes in fine print, stating “This is not a bill.” and “This is a solicitation.”. The mailing also states information that the product or service “has not been approved or endorsed by any governmental agency, and this offer is not being made by an agency of the government.”

Likely targets of these solicitations are homeowners who recently engaged in a real estate transaction (by way of purchase, or transfer to a Revocable Trust for estate planning purposes, to a business entity, or to a former spouse pursuant to a divorce). Scammers obtain data from the recorded deeds and mortgages available in public land records.

A reminder to read all notices and bills you receive and ask questions so you do not fall victim to a scam. If you have questions about this notice, please contact our office at (636) 724-3355, or your local County Recorder.

FURTHER PROTECT AGAINST FRAUD

According to the FBI, one of the fastest growing white-collar crimes is property and mortgage fraud. As a response to curb the increase in property fraud crimes, many counties throughout the country offer real estate owners a “Property Fraud Alert” program. Some counties offer the service free of charge while others have elected to charge a small fee. Nearby County Recorders offering the service free of charge include: St. Charles County, St. Louis City, St. Louis County Recorder of Deeds and Jefferson County.

Property Fraud Alert allows real estate owners (individuals, trusts, businesses and other entities) to sign up to be notified when their name is cited on any documents recorded with the respective county recorder’s office. After signing up, a real estate owner is monitored through the county’s electronic recording system and immediately notified when any document is recorded in their registered name. The program does not prevent fraud from happening. However, the program provides an early warning to real estate owners to take appropriate action if possible fraudulent activity has occurred.

Sign up is quick and easy. Visit Property Fraud Alert, select your county and simply enter your individual/trust/business/entity name and you will be notified when a document with the registered name is recorded.

Or, sign up through your respective county Property Fraud Alert site. Local County Recorder links are listed below.

• St. Charles County Recorder of Deeds - Sign Up

• St. Louis County Recorder of Deeds - Sign Up

• City of St. Louis Recorder of Deeds - Sign Up

• Jefferson County Recorder of Deeds - Sign Up

• Franklin County Recorder of Deeds - Sign Up

• Warren County Recorder of Deeds - Sign Up

*Do note, real estate owners must separately register for Property Fraud Alert in every county in which they own property.

Diligently protect yourself and your valuable assets. Contact our office today at (636) 724-3355 to discuss land related questions with a St. Charles, MO attorney.

Amicable Separation, Uncontested Divorce

As our country and the St. Charles and St. Louis County areas begin to emerge from the COVID-19 fog that has been a part of our lives for the majority of 2020, domestic issues involving families and couples are coming to the surface. Partners who previously avoided their differences are now looking to separate after being quarantined together. For couples seeking to dissolve their marriage and have agreed on terms of their divorce can save time, money and frustration.

Uncontested Divorce St Charles Lawyers

In an uncontested divorce, spouses have reached agreements on every major issue that could arise in a divorce. In a case involving children, issues include child custody (both physical and legal), visitation, child support, health insurance, and day care and/or school. Issues of property and debt division also have to be agreed upon, as well as whether one party is to pay maintenance (what we used to call “alimony”) to the other.

When all issues are agreed upon, the parties do not have to go to court. Settlement documents detailing the agreements made are signed by each spouse and filed with the court. After a thirty day waiting period, the judge assigned to the case will enter the judgment, approving the settlement.

Representation in an Uncontested Divorce

It is not necessary to hire an attorney to represent you in a divorce. However, a divorce can be overwhelming and there are a lot of decisions to be made. You may choose to hire a divorce lawyer to represent your interests and assist you throughout the divorce case. An experienced divorce attorney will provide legal advice and guide you through the divorce process.

An attorney cannot represent both parties in a divorce. Even in an uncontested divorce when all issues are agreed upon. To save money, one spouse may hire an attorney to prepare the court pleadings and settlement documents. The other spouse may choose to either not have representation, or may hire an attorney to review the documents before signing.

Cost of an Uncontested Divorce

Uncontested divorces are typically less expensive than contested divorces. Expect court filing fees (amount will vary by each county) and service costs (unless the non-filing spouse waives service by written consent). If an attorney is retained, expect lawyer fees as well. The divorce attorneys at Wibbenmeyer Law usually charge a flat fee in an uncontested divorce and charge hourly in contested cases. Our fee arrangement will differ depending on the circumstances of each case. We let potential clients know up front the method by which you are billed (either flat fee or hourly), even if an exact amount or a range of fees is not given at that first appointment. 

Domestic Violence - Order of Protection

An uncontested divorce may not be advantageous in all situations. Specifically, in cases where a spouse is experiencing or has experienced domestic violence. People who have faced abuse during marriage are oftentimes at a disadvantage when negotiating. If you are seeking legal representation in a divorce, contact a St Charles divorce attorney at the Wibbenmeyer Law Firm today.

Unfortunately, many abuse victims have been quarantined or are sheltered in with their spouse and are unable to seek help. One positive out of the pandemic is the ability to file an Order of Protection online in St. Louis County. This significant development provides court access to abuse victims, who may have unreliable transportation or may struggle to get enough time away from the other spouse without raising suspicion. For more information and to file an Order of Protection online, visit St. Louis County Courts.

Call a divorce attorney today

If you are planning on filing for divorce, or have filed, and need legal representation, call our office at 636-724-3355 for a free consultation. Speak with an experienced divorce lawyer today.

Considering Bankruptcy Because of Covid?

Considering Bankruptcy?

Many Americans are facing financial hardship due to the COVID-19 pandemic. In the last five months, COVID affected jobs, the economy and the stock market. Roughly 49 million unemployment claims were filed since early March. The CARES Act offered temporary relief to individuals and families through one time stimulus payments. It also provided an additional $600.00 per week in unemployment benefits. However, unless extended by Congress, the extra $600 per week in unemployment will end on July 31st. Losing part or all of your income makes it extremely difficult to pay monthly expenses. If you are struggling with mounting debts, repossession, foreclosure, or garnishments, now may be the time to consider filing for Chapter 7 bankruptcy.

Chapter 7 Bankruptcy

Otherwise known as a liquidation, a Chapter 7 bankruptcy discharges (or “wipes out”) most of your unsecured debt. Examples of debt eliminated in a Chapter 7 bankruptcy include credit card debt, unsecured loans (such as personal loans, pay day loans, and title loans), medical bills, unpaid rent from a prior lease, and a deficiency balance from a surrendered or repossessed vehicle. At the time of filing a Chapter 7 bankruptcy petition, an Automatic Stay Order is put in place, immediately stopping collection actions, including garnishments. By filing for a Chapter 7 bankruptcy, individuals financially struggling can get a fresh start.

Am I eligible to file chapter 7 Bankruptcy?

To qualify for a Chapter 7 bankruptcy, certain requirements must be met. If you’ve filed bankruptcy and received a discharge, 8 years must pass before filing again. Also, you must pass the bankruptcy means test. Your average monthly income for the last 6 months must be below the state’s median income for your family size to pass the bankruptcy means test. Payments made under the CARES Act (stimulus and unemployment) do not count toward income for purposes of qualifying for Chapter 7. If your income has been reduced or you lost your job due to COVID, you may qualify today when you did not qualify before. Depending on your income prior to reduction or unemployment, it may be necessary to delay filing bankruptcy a couple months in order to be eligible. Explore your options by consulting with a St. Charles bankruptcy attorney today.

Contact a St Charles Bankruptcy Attorney

Let a bankruptcy lawyer assist you with navigating bankruptcy during this difficult time. The Wibbenmeyer Law Firm, LLC offers free bankruptcy consultations. If you are laid off, struggling to pay debt or otherwise considering filing for Chapter 7 bankruptcy, call a bankruptcy attorney in St Charles, MO today at 636-724-3355.