Last year I wrote about the new FinCEN reporting requirement that would go into effect in 2024. Now, companies are required to report information pertaining to the individuals who own or control them, both actual owners and beneficial owners. There are exemptions, but those are primarily for companies that already report financial and other information such as banks, securities brokers and dealers, insurance companies, and certain large operating companies. The reporting requirement applies to corporations, LLCs, and other business entities.
Reporting opened on January 1, 2024. All entities formed in 2024 will have 90 days from the date of formation in which to submit the required report. Other reporting companies formed before 2024 will have until December 31, 2024 to file their reports. Annual reporting is not required, but additional filing may be required if ownership or control of the company changes.
You can submit your report electronically through this website: BOI E-FILING (fincen.gov).