Beneficial Ownership Information Now Has 90 Days to Report New Entities, but Only for 2024
The Treasury Department issued Proposed Regulations yesterday extending the 30-day deadline for new entities to report to 90-days
The Treasury Department issued Proposed Regulations yesterday to defer the requirement to report a new LLC or corporation from 30 days to 90 days, but only for 2024.
If a new entity is formed in 2025 or thereafter, then you are still required to report this entity and any beneficial owners within 30 days of formation. The penalty for not doing this is steep, so we would recommend having your attorney work up the paperwork and report it at the same time. In most cases, the attorney should be asking you for this information at the time of formation.