Urgent: File your report by 1/1/2025 to avoid a federal penalty of $591/day.

Info from: https://www.fincen.gov/sites/default/files/shared/BOI-Notice-to-Customers-508FINAL.pdf

Effective January 1, 2024, Federal law — the Corporate
Transparency Act (CTA) — requires certain entities,
including many small businesses, to report information
about the individuals who ultimately own or control them
(also known as their “beneficial owners”) to the Financial
Crimes Enforcement Network (FinCEN), a bureau of the
U.S. Department of the Treasury. A separate regulatory
requirement currently requires many financial institutions
to also collect beneficial ownership information from
certain customers that seek to open accounts as part of
Federal customer due diligence requirements.
The CTA’s requirement that entities report information to
FinCEN enables FinCEN to supply that information to law
enforcement and other government agencies, as well as
certain financial institutions. Agencies and institutions
authorized to receive this information may then use it for
a several specified purposes, most significantly combatting
money laundering and other illicit activities that involve
shell companies. Beneficial ownership collection
requirements for financial institutions, in contrast, are
primarily intended to ensure that financial institutions
know their customers and thus can prevent their
institutions from being used to facilitate illicit activity.

 

More Info: https://www.fincen.gov/boi