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FinCEN Begins Accepting Beneficial Ownership Reports

U.S. Beneficial Ownership Information Registry Now Accepting Reports

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.

Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. A report only needs to be submitted once, unless the filer needs to update or correct information. Companies that are required to comply must file by the following deadlines:

– Reporting companies created or registered to do business in the United States before January 1, 2024 must file by January 1, 2025.
– Reporting companies created or registered to do business in the United States in 2024 have 90 calendar days to file after receiving actual or public notice that their company’s creation or registration is effective.

If you need assistance, our business and tax attorneys in Charlotte, NC and Raleigh, NC can assist you.

Erik Lincoln is a founding member of Lincoln. In addition to being an attorney he is also a CPA. Erik has consistently been recognized as one of the top attorneys in North Carolina, by Business North Carolina.