Beneficial Owner Reporting Due Date

The due date for extended returns has passed, but the due date for reporting under the Corporate Transparency Act now looms.

The Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. Search our tax news archive for “beneficial owner” to see our numerous earlier posts on this topic.

Registration reports for entities that existed prior to January 1, 2024, are due by January 1, 2025. For entities that were created on or after January 1, 2024, the due date is much sooner, as discussed in our post on December 5, 2023.

Practitioners who are assisting clients with meeting this filing requirement need to make sure that their clients have already met the requirement or are on a clear path to meeting it before the filing due date.

Practitioners who have decided not to offer services related to this registration requirement must still make sure that their affected clients are aware of this new requirement and have time to meet it using other means or providers. Substantial penalties (both civil and criminal) can apply to those who do not comply with the requirements of this law.

The Tax Year 2023 M+O=CPE Individual Tax Year-End Workshop Reference Book has a detailed discussion of the registration requirement on pages 60 to 67.

Are you registered for one of our upcoming seminars in December and January? If you are not already registered, register here so you’ll be fully prepared!