Heads' up if you have a business registered in the US

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Just in case you haven’t heard about this, the US government has a requirement to report who owns/controls businesses. This applies to many US companies (including LLC and S-Corp) and to foreign companies registered to business in the US.

If you have your property held in a business (or have a different business, say a small cleaning company), and haven’t filed your report yet, please go to the government’s website - Beneficial Ownership Information Reporting | FinCEN.gov for information and to see if the reporting requirement applies to you and the deadline. The penalties for not filing on time are steep (around $600 a day).

The deadline was originally Dec 31, 2024, but is currently on hold. When (if) they do reinstate the deadline, it will probably be only a few weeks out.

It’s an online form with a few questions about the business and who owns/controls it. It took me longer to find the website and read the directions that it did to fill it out.

I know this won’t apply to most of you, but I learned about it from a Vrbo owner’s forum, and I realized I hadn’t seen anything about it on this forum.

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In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

This is the latest from their website.

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Yes, but it’s flipped a couple of times. The original deadline was Dec 31, then on hold, then reinstated as Jan 15th-ish on Dec 26 or 27, then put on hold again on the 29th!

Based on what the government did in late December, when (if) it’s reinstated, the deadline will only be a couple of weeks out.