New Reporting Requirement for Businesses

There’s a new reporting requirement businesses need to comply with in 2024. See below for details and how this may apply to you…

In 2021, Congress passed the Corporate Transparency Act, creating a new beneficial ownership information (BOI) reporting requirement on businesses.
 
This requires many companies to report information to FinCEN about the individuals who ultimately own or control them. Sole proprietors are not included in this BOI requirement; only domestic reporting companies like corporations, limited liability companies, and any other entity created by the filing of a document with a secretary of state or similar office in the U.S.
 
Companies created or registered to do business before January 1, 2024, have until January 1, 2025, to file their initial beneficial ownership report. For those companies created or registered on or after January 1, 2024, the deadline is 90 calendar days after receiving notice of registration.
 
Some types of companies are exempt from the BOI reporting requirements.
 
Business owners can learn more about the requirements at this link.