Effective January 1, 2024, in an effort to fight illegal money laundering, the federal government has directed that most companies, including corporations, limited liability companies, and limited partnerships, MUST submit certain filings to the Financial Crimes Enforcement Network, a bureau of the Treasury Department.
Every reporting company must report:
- The legal name as well as any trade names or DBA designations; and
- Address; and
- Jurisdiction formed or registered; and
- Tax identification number; and
- The name, birthdate, home address, and copy of government issued identification for all “beneficial owners” (persons who either (i) exercise “substantial control” over the company or (ii) own 25% of the company)
These filings will be made once, but if any of the submitted information changes, such changes must be reported within thirty days.
Some companies are exempt from reporting, but failure to comply with these requirements could result in fines up to $10,000 and two years in jail.
At Gullett Sanford Robinson & Martin, we have decades of experience in representing businesses and addressing all the unique obligations required by the state and federal government. If we can assist with meeting this new obligation, please feel free to contact us.