Federal Reporting Required for Businesses

As of January 1, 2024, most business entities must report their beneficial ownership information to the federal government. Beneficial owners are those individuals who ultimately own or control the business entity.

For businesses that were in existence prior to January 1, 2024, you have until January 1, 2025 to report beneficial ownership information for each business entity. Those businesses that were formed in 2024, the business entity has 90 days from the date of registration with the Secretary of State office (or a similar office under the law of the State or tribal nation) to report beneficial ownership information. Commencing January 1, 2025, new business entities will only have 30 days from the date of registration to report its beneficial owners.

In addition to initially reporting the business ownership information, each time that the information changes, including name and address changes for each of the beneficial owners, you only have 30 days to report it to the federal government.

The reporting of the beneficial ownership information is completed electronically through the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of Treasury. The website to report this information is www.fincen.gov/boi.

Spangler and de Stefano, PLLP advises business owners on reporting through FinCen.

The material contained herein is for informational purposes only, and is not intended to create or constitute an attorney-client relationship between Spangler and de Stefano, PLLP and the reader. The information contained herein is not offered as legal advice and should not be construed as legal advice.