NOTICE: New Business Entity Beneficial Ownership Reporting

With the goal of slowing down the use of business entities for money laundering and other illegal activities in mind, the US Congress recently passed the Corporate Transparency Act. This law places need reporting burdens on most small businesses.

Beginning 2024, all new businesses need to file a report with the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) within 90 calendar days of formation (in 2025 this deadline will go down to 30 days). Pre-existing businesses have until January 1, 2025 to submit their reports.

While there are some exceptions to this requirement, they appear to be fairly limited. Most small business entities will likely need to file. To file your report or find more information please visit the FinCEN website about BOI reporting. If you have questions or need assistance with your BOI reporting, be sure to reach out to your business attorney.