Beneficial ownership reporting requirements have a new deadline of March 21, 2025 for most companies. This is under the Corporate Transparency Act, which had been tied up in federal court but is now back in effect.
The bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information to the Financial Crimes Enforcement Network (FinCEN) about the individuals who ultimately own or control them. FinCEN is a bureau of the U.S. Treasury Department.
Please visit fincen.gov for more information on what you need to provide to be in compliance. This five-minute video is also very helpful:
https://youtu.be/GydCvfbKxPw
Here is an overview and FAQ about the Beneficial Ownership Information Reporting Requirement.
