Beneficial Ownership Reporting for Business Owners
Starting January 1, 2024, most U.S. businesses must report beneficial ownership details to FinCEN under the Corporate Transparency Act. This includes providing names, addresses, and IDs for all beneficial owners. Existing businesses have until January 1, 2025, while new ones must comply within 30 days of formation. Penalties for non-compliance include fines up to $10,000 or imprisonment. Ensure your business is prepared to avoid risks and protect your operations.