New Federal Requirements for BUsinesses

By John C. "Del" Foster, Attorney at Law and Certified Specialist Estate Planning, Trust and Probate Law 

New Federal Reporting Requirements Effective January 1, 2024

Effective January 1, 2024, the Corporate Transparency Act, 31 U.S.C. § 5336, requires, with some limited exceptions, all newly-created domestic and foreign corporations and other legal entities to submit certain information about their beneficial owners directly to the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCen”).

Legal Entities Created Before January 1, 2024 Have Until January 1, 2025 to File Their Initital Report

Legal entities created prior to this date will have until January 1, 2025 to file their initial report with FinCen. 

This is a one-time filing provided none of the reported information changes. In the event any reported information changes, applicable entities are required to file an amendment within thirty (30) days of any change.  Failure to comply with the reporting requirements and deadlines may result in significant monetary and, potentially, criminal penalties.

For more information, please see Small Entity Compliance Guide: Beneficial Ownership Information Reporting Requirements published by FinCen, which can be accessed and downloaded via this link:
https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide_FINAL_Sept_508C.pdf 

Legal Assistance is Available

We are available to discuss this Federal compliance issue with you and assist you with completing and reporting the required information. Should you have any questions about this new reporting requirement or any other Business Planning issues please contact us.