01/08/2024
There is a new Federal law that became effective January 1, 2024 that may affect you or your company. The Corporate Transparency Act creates a national database of beneficial ownership information associated with U.S. companies, in an effort to combat terrorism, tax evasion, money-laundering, and other financial crimes. If you own a company created or registered to conduct business before January 1, 2024, you will have until January 1, 2025 to file your initial beneficial ownership information report. If you intend to start a company on or after January 1, 2024, you will have 30 days to file your initial beneficial ownership information report. This 30-day deadline runs from the time the company receives actual notice that its creation or registration is effective, or after the secretary of state or similar office first provides public notice of its creation or registration, whichever is earlier. For more information please see the references at https://www.fincen.gov/boi. The required form will be available on that website. Failure to file this report can result in severe civil and criminal penalties.
Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about reporting deadlines.
