With Q4 fast approaching, we want to remind you that the Corporate Transparency Act expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the US. Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN).
The law requires applicable filers to disclose their beneficial owners (ultimate owners) by January 1, 2025, for existing reporting companies registered before January 1, 2024. This applies to any entity registered with a Secretary of State or similar office, including Corporations, S-Corporations, LLCs, Partnerships, etc. For more detailed information, please see the SAX notice here.
Our firm will not be able to file these forms on your behalf. We strongly encourage you to discuss the filing requirements with your legal counsel to ensure compliance.
If you prefer to file on your own, you can do so here: FinCEN BOI Filing.
Additionally, please be aware that if your business is based in New York, the state will implement a similar requirement starting January 1, 2026.
If you have any questions, please do not hesitate to contact a member of the SAX Team.