This is a new small business reporting requirement for LLCs and Corporations by the Treasury Department. The report, which is not part of any IRS filing, requires businesses to electronically file a form (not yet released) with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) and carries significant potential penalties for not filing.
If your business is an LLC or corporation, including single member LLCs, you must fill out the form by the end of 2024. If you start a business in 2024, you have 30 days from the date of formation to file. The required information includes owner information, and for new businesses formed in 2024, the company applicants.
More details, including the required form for filing will be released later this year. We will continue to review updates related to the Act as they are released and will provide updates as necessary.