2024 - New Reporting Requirement for Small Businesses

Be sure to file this new required report - it's short, free, and simple. And it is REQUIRED for most small businesses (both existing & new)... If you have questions or need help, please research online or review the following & then email me if needed... thx!  Garland

For existing businesses - reporting is required by 1-1-25

For new 2024 businesses - reporting is required within 90 days

There are some exemptions, but MOST businesses will need to report timely. fyi

From the US Treasury, excerpts... U.S. Beneficial Ownership Information Registry Now Accepting Reports | U.S. Department of the Treasury

WASHINGTON – Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. 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.

“The launch of the United States’ beneficial ownership registry marks a historic step forward to protect our economic and national security,” said Secretary of the Treasury Janet L. Yellen. “Corporate anonymity enables money laundering, drug trafficking, terrorism, and corruption. It harms American citizens and puts law-abiding small businesses at a disadvantage. Having a centralized database of beneficial ownership information will eliminate critical vulnerabilities in our financial system and allow us to tackle the scourge of illicit finance enabled by opaque corporate structures.”

Filing is simple, secure, and free of charge. Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:

• Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
• Newly created or registered companies: Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

More facts from the US Treasury

Beneficial Ownership Information Reporting | FinCEN.gov

Here is the form to report required data

BOI E-FILING (fincen.gov)