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In case you have not heard about the new reporting requirement, here is a summary from the FinCen.gov website from last January:
WASHINGTON — Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) began accepting beneficial ownership information reports. The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
And here is their summary of what is required:
Existing companies: Reporting companies created or registered to do business in the United States before January 1, 2024, must file by January 1, 2025.
Generally, reporting companies must provide four pieces of information about each beneficial owner:
- name;
- date of birth;
- address; and
- the identifying number and issuer from either a non-expired U.S. driver’s license, a non-expired U.S. passport, or a non-expired identification document issued by a State …
The company must also submit certain information about itself, such as its name(s) and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”).
Learn more about how to report at www.fincen.gov/boi
Related: Should Your Estate Plan Try To Avoid Income Taxes Rather Than Avoid Estate Taxes?