Effective immediately, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has begun accepting beneficial ownership information reports. This development is in line with the bipartisan Corporate Transparency Act, enacted in 2021, aimed at combatting illicit finance by requiring companies doing business in the United States to report information about the individuals who ultimately own or control them.

Key Information you need to know:

1. Filing Details:

   • Reporting companies created or registered before January 1, 2024, must file by January 1, 2025.

   • Newly created or registered companies in 2024 must file within 90 calendar days after receiving notice of their creation or registration's effectiveness.

2. Beneficial Ownership Information:

   • Reporting companies must provide the following details about each beneficial owner:

     • Name

     • Date of Birth

     • Address

     • Identifying number and issuer (U.S. driver's license, U.S. passport, or state-issued identification document)

3. Additional Information:

   • Companies must also submit their own details, such as name(s) and address.

   • Reporting companies formed on or after January 1, 2024, must provide information about the individuals who formed the company ("company applicants").

4. Filing Process:

   • Filing is simple, secure, and free of charge.

   • Beneficial ownership reporting is not an annual requirement, but updates may be necessary if information changes.

For more information, assistance, and resources on how to report, please visit the official FinCEN website at www.fincen.gov/boi.

At Ashade and Associates we are dedicated to keeping you informed about important regulatory changes that may impact your business.