There’s a new filing requirement for your business beginning 1/1/2024!

👉 If you have an LLC or a Corporation, the government will require you to file a ​Beneficial Ownership Information return with the Financial Crimes Enforcement Network (FINCEN)​ starting in January 2024.

This report will give the government the information on who directly or indirectly owns the LLC or Corporation. They are looking for more transparency in entity ownership so that’s why we have to file these going forward. 😬 There are significant penalties if you don’t file this report by the due dates listed below ($500/day).

📆 If you have an existing LLC or Corporation (that you started before 1/1/24) then you have 1 year to file this report.

📆 If you start a NEW LLC or Corporation in 2024, then you’ll have 90 days to file this report.

📆 If you start a NEW LLC or Corporation after 2025, then you’ll have 30 days to file the report.

I put together a quick and easy training video for you:

💻 Click ​here​ to watch the training and I’ll walk you through step by step how to fill this out for your business. (Step by step starts at 11:20)

💻 You can click ​here​ to get to the page where you need to file the report.

📝 Here’s a ​pdf​ that has a ton of info about the form and other requirements, and I reference it in the training.

📝 Here is a document listing out ​FAQ’s​.

I hope this was helpful. Try to get this done sooner rather than later for your business and remember to do this for any new businesses you create in 2024 and beyond!

This post and video training is intended for informational purposes only. If you are unsure of how to report this for your business, if you have entities with complex ownership or are multi-tiered, please seek the advice of your CPA and/or attorney.