Tax Killer Website

Beneficial Owner Registration

Existing by end of 2024; New within 90 days of formation

Ted Broomfield

If you are a beneficial owner of a corporation or LLC, you likely need to register you

Effective January 1, 2024, for non-public corporations, Limited Liability Companies, and almost every other type of entity that needs to register with any Secretary of State of any state in the United States, each owner of more than 25% must register their ownership with the Financial Crimes Enforcement Network.

The penalty of a willful failure to register is up to $500 per day, up to $10,000.

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Reporting is not a cup of coffee

Key Points.

There are entity applicants, and beneficial owners.

Three types of entities: (1) Domestic Reporter; (2) Foreign Reporter; and (3) Non-Reporter

Who needs to report?

All those not exempt.

Who is exempt?

Exempt: Securities reporting; Bank or similar; various brokers and other types of investment companies; state registered insurance producer; public utility; tax-exempt, and others.

What needs to be reported?

Names and contact information of all persons who own 25% or more.

How do I report?

FinCEN has not made reporting available, yet.

Don’t get caught short. Report.

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Report and enjoy coffee

This is a far reaching law. Don’t get caught. Report.

Helpful Links

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Small entity compliance guide⁠

from FinCEN.

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