I Always Feel Like Somebody’s Watching Me! Beneficial Ownership Report
If you did not think you had enough to do as a business owner, wait until 2024 starts. The small business world has a new set of eyes on its back. The Corporate Transparency Act will require thousands of businesses to provide a report to FinCEN. The goal is curbing money laundering and other illicit operations. As part of the Anti-Money Laundering Act of 2020, the Corporate Transparency Act is finally being fully developed and implemented starting January 1, 2024. For all Pennsylvania business owners, you get even more filing fun in 2025.
Below are a few items that can help you to navigate these new requirements.
- MPL’s Overview Memo
- FINCEN Requirements
- Pennsylvania Requirements
- FinCEN Extends Deadline for Companies Created or Registered in 2024 to File Beneficial Ownership Information Reports | FinCEN.gov
- FinCEN will allow use of identifier in beneficial ownership reporting – Journal of Accountancy
- US Treasury ‘going all out’ to inform firms about beneficial ownership reporting requirement, says official – Thomson Reuters Institute
As Rockwell famously sang in the 1980’s, business owners can say with confidence that – “I always feel like, somebody’s watching me”.
Please reach out to your professional business advisors (business attorney, business accountant, etc.) for questions about these new requirements.
Here are a few other items of interest:
- IRS Delays $600 Threshold for Payment Platform Transactions (nfib.com)
- December 2023 Commentary: 10 Takeaways from Anirban Basu’s Economic Update for Stonebridge | Stonebridge Financial Group (stonebridgefg.com)
As always, please don’t hesitate to email myself (jsanders@mpl-law.com), Andy Miller (amiller@mpl-law.com), Christian Miller (cmiller@mpl-law.com), Erik Spurlin (espurlin@mpl-law.com), Brad Leber (bleber@mpl-law.com) or anyone in our office with questions or comments.
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