Beginning in January 2024, most businesses in the United States will have to report ownership and certain key personal to the U.S. Treasury's Financial Crimes Enforcement Network ("FinCEN"). This represents a seismic change for US based businesses as it is the first time in modern history that US business owners must report what companies that have material ownership in to the federal government.
While there are various deadlines for the Benefiel Ownership Information Reports depending on when you started the business, the general rule is that businesses formed before January 1, 2024, have until January 1, 2025, to file the report while business formed in 2024 or later have ninety days from the formation of the business.
Not only are these reports the first time many business owners will ever file something like this with the federal government, the FinCEN agency is a relatively unknown part of the government that most people have never dealt with until now. As such, while the reports themselves are simple to file, knowing when and how to file them is much harder.
Failure to file a timely report could result in monetary and other penalties.
Business owners may contact P. Christopher Wegner, a business attorney at Wegner Law PLLC for more information about these new requirements. Chris is available at cwegner@wegnerlawfirm.com or 239.449.9200.
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