Have you Reported Your Beneficial Ownership Information to FinCEN?
A beneficial owner is an individual who directly or indirectly exercises substantial control and/or owns/controls at least 25 percent of the ownership interests of an entity.
You have until January 1, 2025, to report your beneficial owners to the Financial Crimes Enforcement Network (FinCEN) if your company is:
- A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a Secretary of State or any similar office under the law of a state or Indian tribe; or
- A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.
- Exemptions include publicly traded companies, nonprofits, and certain large operating companies, click here for the 23 exemptions found in the Small Entity Compliance Guide.
The Federal law, Corporate Transparency Act (CTA) was enacted in January 2024 to most combat illicit activities and money laundering. If your entity was registered in 2024, you must report within 90 calendar days from creation and by 2025 you must report within 30 calendar days from creation.
Click here to watch this 5-minute video on how to file a beneficial ownership information report.
Ready to file? Click here to access the e-filing system.
If you have additional questions regarding the need to report your beneficial owners, contact your attorney or accountant for guidance.
