New Reporting Requirements for LLCs and Corporations

by | Jan 11, 2024 | Business Insights

If you own an LLC or Corporation created in the USA, you should know that the Federal government just expanded the amount of ownership information you need to report as of January 1st, 2024.  For both Domestic and Foreign Reporting Companies, this change will mean more owners are being reported to the government, as they move to make it more difficult for “bad actors” to hide and/or benefit from ill-gotten gains through shell companies or obscure ownership structures.

The Financial Crimes Enforcement Network (FinCEN) introduced these changes after the 2021 Corporate Transparency Act. Now, companies, including Limited Liability Companies (LLCs), must share details about their beneficial owners who own or control at least 25% of the company.

The required information to be reported includes the company’s legal name, any other names it operates under, its main address in the USA, where it’s registered, and its Taxpayer Identification Number (TIN).

If your company was created before January 1st, 2024, you have until January 1st, 2025, to file the initial report. For those entities created after January 1st 2024, there’s a 30-day window to submit. No fees apply, and you can find the reporting form Here on the FinCEN website.

If you would like more information, or need a hand with the filing process, please Contact Us so we can guide you and ensure your business stays on top of these changes and remains compliant with these new requirements.

<a href="" target="_blank">Connor Yost</a>

Connor Yost

As an Opus Consulting partner, Connor has been instrumental in establishing the firm’s emerging markets division, Nucleus One. Connor’s expertise is in creating financial projections and business plans for specialized manufacturing nationwide. Connor is a lead consultant on process revisions, regulatory compliance, and technical application writing. Additionally, he guides clients through municipal rules, regulations, and processes to better advance their projects. Prior to joining Opus, Connor spent time in both the consumer lending and mortgage industries. When he is not in the office, Connor enjoys the outdoors, including snowboarding and golfing. Connor holds a B.S. in Business Administration with a focus in accounting from the Peter T. Paul College of Business and Economics at the University of New Hampshire.
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