Are your properties owned by an LLC or other corporate entity? If so, you likely will need to file a Beneficial Ownership Report with the US government no later than January 1, 2025, or you will face some serious fines! Even if you have opened, but never really used an LLC or other entity, you likely will need to file.
Do not ignore this. If you are uncertain, talk to your accountant or attorney right away about whether you need to file.
What is Beneficial Ownership Reporting? Why haven’t I had to do this in the past?
This is a new report required by the Financial Crimes Enforcement Network (FINCEN). This is new for 2024 and due by 1/1/2025. Most us entities, with the exclusion of some non-profits are required to file this. You can find more information about this report by clicking the link below.
You can file a report here: https://boiefiling.fincen.gov/boir/html
Note: You will need to enter a scanned copy of the license for every member of your company, so have those ready to go.
