New Federal Reporting Requirements for Beneficial Ownership Information

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.  Beneficial owners are those individuals who ultimately own or control a company.  Companies required to report may include, but not limited to: Corporations, Limited Liability Companies, other entities created in the United States by filing documents with a secretary of state, or a foreign company registered to do business in any U.S. state.  Reports will be accepted electronically starting January 1, 2024.  Companies created or registered prior to January 1, 2024, will have until January 1, 2025 to report their beneficial ownership information.  Companies created or registered on or after January 1, 2024 and before January 1, 2025, will have 90 calendar days to complete the process.  For filing, additional information and FAQ, please visit www.fincen.gov/boi .