The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), has begun accepting beneficial ownership information report under the bipartisan Corporate Transparency Act, enacted in 2021. This effort requires companies doing business in the United States to report information about the individuals who ultimately own or control said companies. Corporate anonymity enables money laundering, drug trafficking, terrorism, and corruption. It harms American citizens and puts law-abiding small businesses at a disadvantage. Having a centralized database of beneficial ownership information will eliminate critical vulnerabilities in our financial system and allow us to tackle the scourge of illicit finance enabled by opaque corporate structures.” said Treasury Secretary Janet Yellen.

Existing companies who were created or registered prior to January 1, 2024 must file their reports by January 1, 2025. Meanwhile, companies which are newly created or registered in 2024 will have have 90 calendar days to file the report after receipt of effective registration notice. FinCEN has provided the small entity compliance guide which walks the small businesses through the requirements in plain understandable language. For further information regarding the filing requirements and procedure, taxpayers may visit