ALERT [updated Feb. 19, 2025]: Beneficial ownership reporting requirements are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN will assess its options for further modifying deadlines.
Beginning January 1, 2024, the Biden administration will require owners and certain representatives of each newly-formed small business entity to upload a photo ID and register with the Financial Crimes Enforcement Network (FinCEN). Failure to register within 90 days may resutl in criminal prosecution, including two years imprisonment and a $10,000 fine. Find out more abou this new law at www.fincen.gov/boi
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