Beneficial Ownership Information Reporting Rule
Beneficial Ownership Information Reporting Rule
To help protect U.S. national security, the Corporate Transparency Act (CTA) has been implemented by the Financial Crimes Enforcement Network (FinCEN). As part of its Bank Secrecy Act, certain corporations, LLCs and other entities must report information about themselves and their beneficial owners to FinCEN. A beneficial owner is an individual who directly or indirectly owns at least 25% of the entity, or has substantial control over the entity (entities with gross receipts over $5M and 20 full-time employees are exempt).
Entities in existence before 2024 have until 12/31/2024 to report.
Entities formed after 1/1/2024 have 30 days after the date of formation to comply.
FinCEN will begin accepting reports electronically through its website on 1/1/2024.
As this is a filing responsibility by each entity owner, our office is not able to offer this reporting service.
For more information about this new reporting requirement and for the latest updates, please visit the FinCEN website:
Alert: FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code. Those e-mails or letters are fraudulent. FinCEN does not send unsolicited requests. Please do not respond to these fraudulent messages, or click on any links or scan any QR codes within them.