Effective January 1, 2024, the new beneficial ownership reporting requirements kick in for newly formed or registered entities. FinCEN has finally released the new reporting forms, and business entities are now able to complete and submit the FinCEN beneficial ownership report.
This new mandate requires all new, non-exempt entities to complete the report within 90 days after receiving actual or public notice from the Secretary of State’s Office (or similar office) that its creation or registration is effective. Entities in existence prior to January 1, 2024, have until January 1, 2025, to submit the report, but they can do so anytime between now and January 1, 2025.
The reports are available at:
FinCEN has also provided detailed instructions on how to complete the form. The instructions are available at:
For more information on which entities are required to register, and the substantial penalties for failing to register, attend an upcoming Spidell update webinar or seminar.
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